Gensol Engineering Limited in a partnership with Matrix Gas & Renewables Limited has secured the winning bid for a 237 MW hydrogen electrolyser manufacturing capacity. They accomplished this under the production linked incentive (PLI) scheme. The bidding took place through a competitive tender by Solar Energy Corporation of India (SECI). The total capacity obtained by the Gensol-Matrix consortium is 300 MW. This includes 63 MW secured in the first tranche of the SECI tender. Under the PLI scheme, the total cost of the order comes to Rs 4.5 billion.
In July 2024, Gensol Engineering had bagged the winning bid for 116 MW (150 MWp) of solar projects distributed across 27 different locations in Gujarat. The revenue from these projects is estimated at Rs 6 billion. During the same month, they had received a Notification of Award for engineering, procurement and construction (EPC) for the solar plant in Khavda renewable energy power park in Gujarat to be constructed at an investment of Rs 4.63 billion.
In March 2024, Matrix Gas & Renewables had secured Rs 3.5 billion in the pre-IPO round to expedite their growth endeavors, focus on increasing their market presence in gas aggregation, procuring city gas distribution assets, and supporting capital expenditure plans already in the works.
