Scorpius Trackers Pvt Ltd., one of India’s top producers of single-axis solar tracker solutions, has been acquired by Gensol Engineering Limited, a prominent solar engineering, procurement, and construction (EPC) business.
This purchase boosts Gensol Engineering’s position as a leading provider of end-to-end renewable energy solutions and is part of the company’s ambition to diversify its portfolio by expanding into new markets.
With the purchase of Scorpius Trackers, Gensol will be able to provide its clients with an end-to-end EPC solution that incorporates revolutionary solar tracking technology, allowing them to lower their levelized cost of energy.
The Scorpius team has over 30 years of experience developing commercially successful solutions in image processing, machine vision, metallurgy, optics, 6-axis motion control, Internet of Things, embedded system design, and a variety of software platforms.
Scorpius has created its own unique tracker controller, software, and creative structural designs to meet the dynamic demands of IPPs and EPCs, resulting in shorter payback periods and greater total returns on investment. It has a robust R&D staff, and the technology has been authorized by major utilities all around the world.
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. Due to the strong synergies between the two businesses, it is estimated that the combined revenue of Gensol Solar division will reach INR 23bn in FY24.
According to Wood Mackenzie, the global tracker market is expected to be a $71 billion cumulative opportunity from 2020 to 2030, representing approximately 682 GW of solar installed over that time period.
This is a syndicate news feed; edited by Clean-Future Team