Gensol Engineering bags order worth Rs37.5 crore for building solar power projects; Stock plunges 4%

Gensol Engineering Limited has secured purchase orders to develop Grid-Connected Ground-mount and Rooftop Solar Power Generation Systems cumulating to 15 MWp.

The Company has in the months of April and May, 2022 in normal course of business, received purchase orders from its reputed clients for the development of solar power projects aggregating to a capacity of around 15 MWp in the states of Goa, Gujarat and Punjab.

The cumulative order value of these projects is pegged at over Rs37.5 crore exclusive of taxes.

All these projects are for captive use of the clients and, thus, will cut down their dependence upon grid and are expected to reduce emissions approximately to the tune of 21903 Mt CO2 annually. All these projects are slated for commissioning during the next six months, said company in a regulatory filing.

At around 1:52 PM, Gensol Engineering was trading at Rs302 per piece lower by 4.20% on the BSE.

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( With inputs from indiainfoline)