Gensol Acquires Majority Stake In Solar Tracker Firm Scorpius

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Gensol Engineering has now announced acquiring a majority stake in Scorpius Trackers, a single-axis solar tracker company. In its latest self-disclosure before the Bombay Stock Exchange (BSE), the company has announced the acquisition of  54.38 percent shares of Scorpius and voting rights in the company. Gensol Engineering Limited is a part of the Gensol group of companies, which offers engineering, procurement, and construction (EPC) services for the development of solar power plants. The firm’s promoters are also behind Blu Smart, the EV service. 

Scorpius is engaged in designing, developing, marketing and servicing single-axis trackers for solar power generation. “With the acquisition of Scorpius Trackers, Gensol will be able to offer to its clients an end-to-end EPC solution that includes innovative solar tracking technology, thus enabling its customers to reduce their levelized energy cost,” the company said in its filing. 

It also said that the acquisition would bolster Gensol’s position of end-to-end renewable energy solutions. Gensol Group already deals with the Operations and Maintenance (O&M) of solar plants. It now also bolstered its base by engaging with tracking business. 

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“The Company has acquired 58,779 equity shares of Scorpius constituting 54.38% of shares capital and voting rights in Scorpius on September 13, 2023 (“Closing Date”). The company proposed to acquire the remaining share capital of Scorpius within 45 (forty-five) days of the Closing Date. Upon such acquisition, Scorpius will become a wholly owned subsidiary of the company,” Genol’s filing read. 

In the second tranche, the company proposed to acquire the remaining share capital of Scorpius. “…in lieu thereof, the company will pay the Cash Consideration to the sellers. The second tranche is proposed to be completed within 45 (forty-five) days from the date of completion of the first tranche,” Gensol said. 

Scorpius has around 30 years of experience in commercial products in image processing, metallurgy, IoT devices and others, and their works in single-axis trackers. It has its patented tracker controller, software and innovative structure designs. “It has a very
strong R&D team, and the technology has been approved by large utilities worldwide. With signed Letter Of Intents for 800 MW in hand, Scorpius is the only bankable tracker supplier from India with a track record of 600 MW capacity in operation across India, Japan, Africa and Middle East,” the filing read. 

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