New Delhi/Ahmedabad, February 25, 2025 – Gensol Engineering Limited (BSE: 542851, NSE: GENSOL), a key player in India’s renewable energy sector, has signed a non-binding Term Sheet for an INR 350 crore strategic transaction involving the sale of its US subsidiary, Scorpius Trackers Inc., to a significant Renewable Energy Solutions provider in the US.
The deal includes transferring exclusive and global Intellectual Property (IP) rights (excluding India) for Scorpius Trackers' advanced solar tracking technology.
Key Deal Highlights
| Particulars | Details |
|---|---|
| Transaction Value | INR 350 Crore |
| Buyer | Major Renewable Energy Solutions provider (undisclosed) |
| Assets Included | Global IP rights (Excluding India) |
| Transaction Structure | Completed in two tranches, full closure by March 2026 |
| Purpose of Sale | Strengthening financial position, reinvesting in India’s renewable energy market |
Strategic Rationale and Utilization of Proceeds
The transaction aligns with Gensol’s strategy to monetize high-value assets, unlock capital, and reinvest in its core growth areas. The proceeds will be redeployed to:- Expand Scorpius Trackers’ operations in India.
- Fuel the solar EPC business.
- Support Gensol’s broader clean energy initiatives.
"This deal is a testament to the inherent value within Gensol’s subsidiaries and our innovation-driven approach. The monetization of Scorpius Trackers' US business enables us to reinvest in high-growth opportunities in India while strengthening our financial position. This marks a significant milestone in our journey to enhance shareholder value and accelerate our leadership in renewable energy.”
Shailesh Vaidya, CEO of Scorpius Trackers, commented:
"This agreement positions Scorpius Trackers for rapid growth in the US market while allowing us to retain our market focus in India. The partnership will strengthen our technology presence globally and enable us to capitalize on the immense growth potential in India's solar sector."
Impact on Gensol’s Business Strategy
- Retained Market Focus in India: Scorpius Trackers Pvt. Ltd., India, remains a wholly owned subsidiary of Gensol, ensuring continued innovation and market leadership in one of the fastest-growing solar markets.
- Financial Strengthening: Unlocking INR 350 crore in capital supports expansion plans and enhances cash flow.
- Diversified Growth: Strengthens Gensol’s solar EPC, tracker technology, electric mobility, and energy storage businesses.
About Gensol Engineering Limited
Founded in 2012, Gensol Engineering Limited is a leading player in solar EPC, tracker technology, and electric mobility solutions. The company has a strong presence in India & the Middle East, with a diversified portfolio across:- Solar EPC – Among India’s top 10 EPC players.
- Scorpius Trackers – A leading solar tracking solutions provider.
- EV Manufacturing & Leasing – Operates an EV facility in Pune, producing 30,000 vehicles annually.
- Battery Energy Storage Systems (BESS) – Investing in advanced energy storage solutions.
This deal underscores Gensol’s commitment to capital-efficient growth, reinforcing its strong financial position and industry leadership in the global renewable energy market.