Bengaluru, 28th April 2025 : Following recent developments concerning Gensol Engineering Ltd. and its promoters and associate companies, Indian Renewable Energy Development Agency Limited (IREDA) has initiated an internal review in accordance with RBI guidelines and the company’s due diligence protocols. Gensol’s account is currently under stress but is not classified as an NPA.

The Investigation and Risk Committees of IREDA are closely examining the matter. Appropriate actions regarding collaterals and recoveries will be taken based on the outcome of the review.

Regarding communications from credit rating agencies on the falsified documents, IREDA clarified that it did not issue the letters they referred to. The promoters have diluted their shareholdings without lenders approval, constituting breach of contract. In light of this, IREDA has filed a complaint on above matters with the Economic Offences Wing (EoW) against Gensol on 24th April 2025.

IREDA is committed to acting responsibly and will update all stakeholders once the company’s assessment concludes. IREDA requests all concerned parties to refrain from speculation while the investigation is ongoing.

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• Key move to significantly deleverage Gensol’s balance sheet, substantially reducing the debt-equity ratio; to create sizeable headroom for future growth initiatives

Bengaluru, January 16, 2025 – Gensol Engineering Limited (“Gensol”) and Refex Green Mobility Limited (“Refex eVeelz”) are pleased to announce a strategic tie-up for the transfer of 2,997 electric four-wheelers (e4Ws). This step is a significant one towards strengthening sustainable mobility solutions in India. This strategic tie-up will involve Refex eVeelz assuming Gensol’s existing loan facility, streamlining operations, and enhancing the deployment of e4Ws across key markets, including Chennai, Bengaluru, Hyderabad, Mumbai, and Pune where Refex eVeelz currently operates.

Refex eVeelz subsequently proposes to lease these said 2,997 vehicles to Blu-Smart Mobility Limited, a leading electric mobility platform, ensuring seamless continuity and growth in the electric mobility sector at Delhi NCR & Bengaluru.

The transaction will be subject to receiving approvals from all regulatory and financial stakeholders to ensure compliance with applicable laws and standards.

Mr. Anil Jain, Managing Director of Refex Industries Limited (holding entity of Refex Green Mobility Limited), said: “At Refex eVeelz, we are pleased to partner with Gensol to drive the adoption of electric mobility at scale. This collaboration is a testament to our unwavering dedication to building a greener tomorrow. By integrating this opportunity with our strategic initiatives, we aim to deliver greater value to stakeholders while advancing the nation’s transition to cleaner transportation solutions in addition to several such initiatives that we are undertaking where we are already plying more than 1,000 electric cars.”

Mr. Anmol Singh Jaggi, Managing Director of Gensol Engineering Limited, added: “This strategic collaboration underscores our commitment to scaling green mobility solutions while achieving the deleveraging of Gensol’s balance sheet. Seeing the vehicles being transferred to a proven and leading player like Refex eVeelz, gives us immense satisfaction, knowing they will continue to contribute to our collective mission of sustainable transportation.”

The execution of this strategic tie-up will involve the transfer of term loan responsibilities availed by Gensol from a leading financial institution for the procurement of the said 2,997 e4Ws amounting to nearly INR 315 Crore, re-registration of vehicles, and the establishment of a long-term lease arrangement with Blu-Smart Mobility. Both Gensol and Refex eVeelz are committed to ensuring a seamless transition and fulfilling all regulatory and operational requirements as per the terms of the agreement.

This collaboration reflects a shared commitment to sustainability, innovation, and the creation of long-term value for stakeholders in the rapidly evolving electric mobility ecosystem.

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Gensol’s role will encompass the entire gamut of the project’s lifecycle —from the complex and critical task of land acquisition, highlighting the scale and intricacy of the undertaking, to the precise and detailed phases of design, engineering, procurement, and logistics. The scope also includes the manufacturing, supply, erection, inspection, installation, testing, and commissioning of a 150 MWac grid-connected ground-mounted solar PV power plant, along with the development of the associated power evacuation infrastructure to the STU substation. Additionally, the contract includes three (3) years of operation and maintenance (O&M) services for the project, inclusive of maintenance of the plant’s switchyard and its extensive transmission infrastructure.

Commenting on the development, Shilpa Urhekar, Chief Executive Officer, Solar EPC (India), Gensol Engineering Ltd. said, ” We are deeply grateful for the trust placed in us by one of India’s leading public sector utilities. This significant project is a testament to Gensol’s growing expertise as a provider of comprehensive, end-to-end solar solutions. It will play a vital role in advancing India’s clean energy transition, aligning with our firm commitment to contributing to the right energy mix. We look forward to further collaborating with the state of Maharashtra to support and enhance India’s renewable energy goals.”

The project aligns with the forward-looking policy introduced by the Ministry of New and Renewable Energy (MNRE) in April 2022, aimed at enhancing Maharashtra’s energy infrastructure while making a significant contribution to India’s sustainable energy goals. The awarding of this contract to Gensol highlights the company’s growing expertise and proven track record of delivering renewable energy projects on time.

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Consolidated Financial Summary:

#Total Revenue & EBITDA includes Other Income

*Gensol has re-stated historical financials basis updated accounting treatment of some EV leases, treating them as financing lease instead of operating lease 

Standalone Financial Summary:

#Total Revenue & EBITDA includes Other Income

• Gensol has re-stated historical financials basis updated accounting treatment of some EV leases, treating them as financing lease instead of operating lease 

Consolidated H1 FY25 Highlights:

• Net Debt to Equity reduced to 4x as on 30th September 2024, as compared to 2.2x as on March 31, 2024
• Cash Flow from operations has improved to ₹154 Crore in H1FY25 as compared to ₹22 Crore in H1FY24

Gensol Engineering Limited (GEL) Standalone & Consolidated PAT H1 FY25:

 In H1 FY25, Gensol’s standalone revenue reached ₹642 Crore and PAT grew by 130% to reach ₹90 Crore YoY (GEL standalone PAT margin is 14.1%)

• At the Gensol H1 FY25 consolidated level, PAT is ₹50 Crore, reflective of the ₹40 Crore impact of its subsidiaries in new segments of solar trackers and e-mobility, which have immense headroom for growth
• Gensol remains committed to invest in its new business segments which are expected to increase multifold in the near future, contributing to overall profitability.

Operational Highlights: 

• Won an EPC contract of ₹463 crore for a large-solar plant at Gujarat’s Khavda RE Power Park. The project will be a state-of-the-art solar facility, featuring a fixed tilt module mounting structure and other system components
• Awarded a repeat order of ₹40 crore for a rooftop solar project from a leading textile company
• Successfully emerged as a winning bidder for 116MW (150 MWp) of Solar Projects in Gujarat to be distributed across 27 locations in Gujarat, under the oversight of Paschim Gujarat Vij Ltd. (PGVCL).
• Signed an EPC and long-term O&M contract for a 23 MWp rooftop solar PV project in Dubai, advancing our commitment to sustainable energy solutions in the Middle East
• Entered the S. market by establishing Delaware-based subsidiary, Scorpius Trackers Inc., leveraging over a decade of expertise and 1,000 MW+ of contracts across India, Africa, Japan, and the Middle East.

Commenting on the overall performance of the Company, Mr. Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Ltd. said, “India’s renewable energy growth story is unparalleled, driven by ambitious targets and strong government support. Within this dynamic landscape, Gensol is uniquely positioned to play a pivotal role in advancing renewable energy solutions. Gensol’s journey has been transformative, evolving from a focused solar company into a diversified renewable energy leader. Our continuous and robust growth is a testament to our commitment, innovation, and agility. Through the expansion of our core solar offerings and strategic ventures into electric vehicles (EVs), leasing, battery energy storage and green hydrogen, our portfolio enhances our ability to drive value across India’s renewable energy landscape.”

“Looking ahead, Gensol’s strategy remains focused and ambitious. We are committed to investing in clean energy, concentrating our efforts on innovation across solar, EVs, battery energy storage and green hydrogen technologies. Gensol aims to be a trusted partner in India’s transition towards a sustainable energy future and we are committed to delivering long-term value to our shareholders and customers, helping shape a resilient, sustainable future for all.” added Anmol Jaggi. 

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With a total installed capacity of 23,178 kWp (23 MWp), the project underscores Gensol Engineering’s commitment to driving sustainability in the Middle East by contributing to the region’s transition to cleaner energy sources. The contract, valued at AED 81.6 Mn (INR 186 Crore) plus taxes, is set to be executed over a 20-month period.

Speaking about the win, Kapil K Nirmal, CEO – Solar EPC (MENA), Gensol Engineering Ltd., said, “We are thrilled to partner with UAE’s leading sustainable development and clean energy development company on this landmark project, which reflects our ongoing commitment to delivering innovative and efficient solar EPC solutions in this region. This project further strengthens our presence in the Middle East and aligns with Dubai’s vision of becoming a global leader in clean energy by 2050.”

The turnkey project will involve the design, procurement of materials, construction, testing, commissioning, and long-term operation and maintenance of the rooftop solar PV systems. These systems will provide a sustainable energy solution to the customer, contributing significantly to Dubai’s ambitious sustainability targets and reducing the carbon footprint of one of the region’s most critical industrial facilities.

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