Gensol Engineering Ltd has acquired Pune-based solar tracker specialist Scorpius Trackers for INR 135 crore. Scorpius has developed its own patented tracker controller, software, and innovative structure designs, which, it claims, help deliver faster payback periods and result in higher overall returns on investment.
With the acquisition of Scorpius Trackers, Gensol will be able to offer its clients an end-to-end EPC solution that includes innovative solar tracking technology.
Scorpius Trackers will operate as a wholly-owned subsidiary of Gensol Engineering.
Scorpius has 600 MW capacity in operation across India, Japan, Africa, and the Middle East. Further, it has Letter of Intents for 800 MW in hand.
Due to the strong synergies between the two businesses, Gensol estimates the combined revenue of its solar division to reach INR 23 billion in FY 2023-24.
“By 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 [return on investment] than projects that do not” said Anmol Singh Jaggi, managing director of Gensol Engineering.
“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,” added Shailesh Vaidya, CEO of Scorpius Trackers. “Together, we will be able to create leading positions in major markets for solar in India and outside.”
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