On January 3, 2024, Gensol Engineering Ltd., a provider of renewable energy project development services, secured a contract from Sarda Energy & Minerals Ltd. (SEML) for a 33 MW AC solar power project in Chhattisgarh. The project, intended for captive use at SEML's Kharora plant in the state, involves the complete spectrum of services, including design, engineering, procurement, and construction. The commissioning of the solar power facility is slated to be completed within six months.

This contract represents a significant expansion in Gensol's renewable energy portfolio in the region and marks the company's entry into the Chhattisgarh market. It reinforces Gensol's capabilities in leveraging renewable energy and establishes the company as a key player in sustainable development. The project at SEML’s Kharora plant not only advances Gensol's renewable portfolio but also contributes to the region's sustainable development. The collaboration between SEML's industrial expertise and Gensol’s renewable proficiency sets the stage for a more environmentally friendly future.

Chhattisgarh, situated in central India, has been actively promoting renewable energy as part of its comprehensive energy strategy. Renowned for its abundant mineral deposits and growing industrial sector, Chhattisgarh offers a dynamic market with considerable potential for the integration of renewable energy. The state has been proactive in harnessing solar energy, implementing policies, and providing incentives to encourage both utility-scale projects and decentralized applications. The Chhattisgarh State Renewable Energy Development Agency (CREDA) plays a pivotal role in advancing renewable energy projects, with the state government offering subsidies, incentives, and favorable policies to attract investments in the sector.

Gensol Engineering, an Indian company specializing in the renewable energy sector, particularly in solar energy, engages in various aspects of solar projects, from design and engineering to procurement, construction, and maintenance. The company has been actively involved in delivering services for solar power plants, rooftop solar installations, and other renewable energy projects. The company has an overall market capitalization of USD 384.30 million.