Gensol Engineering, a renewable energy and electric mobility services provider, on Wednesday said it has raised Rs. 900 crore ($109 million) through the issue of convertible warrants on a preferential basis.
The fundraising saw participation from international and domestic participants including Elara India Opportunity Fund, Aries Opportunities Fund, Tano Investment Opportunities Fund, etc.
Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund are some of the investors who have been allotted these warrants. Aries will be allotted up to 5.5 lakh warrants, while Elara will be allotted 7.5 lakh warrants, the company said in an exchange filing.
According to Crunchbase, Elara India Opportunities Fund has made 6 investments, including its most recent investment on Jan 25, 2024, when SpiceJet Limited raised Rs 7.4 billion.
Shares of Gensol were trading up 6% at Rs. 1,109 in morning trading on Wednesday, following the announcement.
Started in 2012, Gensol Engineering is a part of the Gensol group of companies that offer engineering, procurement, and construction (EPC) services for the development of solar power plants. Over the years, Gensol has installed ground-mounted and rooftop solar power plants with a combined capacity of over 600 MW, it claims.
Over the years, Gensol claims to have successfully installed ground-mounted and rooftop solar power plants with a combined capacity of over 600 MW. The firm also provides EV leasing solutions to B2B consumers including public sector undertakings, government bodies, ride-hailing companies, logistics firms, etc.
“This capital infusion strengthens Gensol’s financial position, facilitating new possibilities with funds being deployed for working capital, inorganic growth opportunities, and further investment in our subsidiaries.”Anmol Singh, Chairman and Managing Director, Gensol Engineering, said.
The company said it aims to achieve 5-fold growth within the next three years.
India’s renewables sector has been attracting increasing foreign investment and was among its top five industries for overseas funds in the last fiscal year, with a 5% share of all inflows in April to September 2022, compared with 3.3% in the same period a year ago, according to Reuters.
In Dec, India’s Adani Green Energy said it has received a follow-on funding of $1.36 billion via a green loan from an international bank consortium to help the company expand its renewable power capacity. In Sept, India’s Serentica Renewables, secured Rs. 3,000 crore in debt from power sector lender REC Limited, just days after raising $310 million from Power Finance Corp.