Gensol Engineering acquires Indian solar tracker solutions firm Scorpius Trackers
Solar EPC company Gensol Engineering has announced the acquisition of Scorpius Trackers Pvt. Ltd., one of India's largest provider of single-axis solar tracker solutions. Gensol claims that the latest acquisition strengthens its position as a leading provider of end-to-end renewable energy solutions and is a part of its strategy to expand its portfolio by spreading wings across new geographies.
The company can now offer end-to-end EPC solutions that includes innovative solar tracking technology for making customers to reduce their levelized cost of energy. Scorpius Trackers, from now on, will operate as a fully-owned subsidiary of Gensol Engineering Limited.
"We are thrilled to welcome Scorpius Trackers to the Gensol family. This acquisition is a significant step forward for us. Combining our expertise in solar EPC and Scorpius's strong reputation and expertise in solar trackers will help us offer a comprehensive EPC package. We see the global demand for trackers is growing faster than the overall demand for mounting systems as solar energy projects that use trackers generate significantly more ROI than projects that do not," said Anmol Singh Jaggi, MD Gensol Engineering.
RELATED: Gensol to set up manufacturing for personal and cargo e-mobility in Pune
Gensol says that Scorpius has a very strong R&D team and the technology has been approved by large utilities worldwide. Importantly, Scorpius is the only bankable tracker supplier from India with a track record of 600 MW capacity in operation across India, Japan, Africa, and the Middle East.
Currently, Gensol has a signed Letter Of Intent for 800 MW in hand. Due to the strong synergies between the two businesses, it is estimated that the combined revenue of the Gensol Solar division will reach ₹ 23 billion in FY2024.
According to Wood Mackenzie, the global tracker market is expected to be a $ 71 billion cumulative opportunity from 2020 to 2030, representing approximately 682 GW of solar installed over that time period.
We are excited to join forces with Gensol and bring our innovative solar tracking solutions to even more clients globally," said Shailesh Vaidya, CEO of Scorpius Trackers. "Together, we will be able to create leading positions in major markets for solar in India and outside."