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Gensol Engineering to Sell U.S. Subsidiary, Focus on Core Growth Assets

Gensol Engineering, a leading solar energy consultancy and EPC solutions provider, has signed a Rs 350 crore non-binding term sheet to sell its U.S. subsidiary, Scorpius Trackers, to an undisclosed renewable energy solutions provider. The transaction, set to be completed in two tranches by March 2026, will enable the transfer of Scorpius Trackers’ global intellectual property (IP) rights to the U.S. buyer while retaining its IP for Indian projects.

The sale aligns with Gensol’s strategy to unlock capital from non-core assets and reinvest in its core growth areas, strengthening its financial position. Shailesh Vaidya, CEO of Scorpius Trackers, highlighted that this deal will facilitate rapid expansion in the U.S. market while allowing the company to maintain its focus on India’s growing solar sector.

Expansion and Financial Performance

In 2024, Gensol expanded its renewable energy footprint by acquiring three newly incorporated subsidiaries—Shakti Sangini Energy, Innogrid Energy, and Hari Shakti Energy—for renewable power generation and battery storage solutions. The company reported Rs345 crore in consolidated revenue in Q3 FY2025, marking a 30% YoY increase from Rs266 crore. Its profit after tax rose by 6% YoY to Rs18 crore.

The strategic divestment of Scorpius Trackers, along with Gensol’s continued expansion in India’s renewable energy and EPC space, underscores its aggressive growth strategy and focus on scaling operations in its key markets.