The project is projected to offset 21,000 metric tonnes of CO₂ emissions every year, significantly contributing to Jharkhand’s renewable energy targets.
Gensol Engineering Limited has announced the successful commissioning of its ground-mounted solar power plant. This solar power plant has come up in Panchet town of Dhanbad district in Jharkhand.
According to information shares, the project has been developed under a Rs 40 crore EPC contract and underscores Gensol’s expertise in executing complex solar installations in challenging terrains.
“The scope includes comprehensive operations and maintenance (O&M) support for five years,” the company said.
This 40-acre solar power plant will generate over 15 million units of clean energy annually for commercial applications.
The project is projected to offset 21,000 metric tonnes of CO₂ emissions every year, significantly contributing to Jharkhand’s renewable energy targets.
The plant will bolster Jharkhand’s energy security, reducing dependence on fossil fuels while
meeting rising electricity demand.
Earlier, the company announced plans to raise Rs 600 crore through the issuance of foreign currency convertible bonds and warrants.
The move aims at achieving sustainable growth, reducing debt, and maximising value for its stakeholders, the company said in an exchange filing.
The Board of Directors, in its meeting held earlier today, has approved fundraising initiatives amounting to Rs 600 crore, aimed at significantly enhancing its financial standing, the company said.
While Rs 400 crore will be raised through the issuance of Foreign Currency Convertible Bonds (FCCBs), and Rs 200 crore by issuing warrants to promoters.
Currently, Gensol Engineering has a debt of Rs 1,146 crore against reserves of Rs 589 crore, resulting in a debt-equity ratio of 1.95.
After the Rs 600 crore fundraise, the company’s reserves are expected to increase to approximately Rs 1,200 crore.
