Gensol Engineering Shares Gain After Leading As Lowest Bidder For NHPC’s Kargil EPC Project

On Thursday, the shares of Gensol Engineering were trading 3% higher at Rs 810 after the company emerged as the successful lowest bidder for the Engineering, Procurement, and Commissioning (EPC) of a trailblazing Green Hydrogen-based mobility station in Kargil, Ladakh.

By collaborating with Matrix Gas & Renewables Ltd. (Matrix) to demonstrate technocommercial proficiency, Gensol was able to secure this deal. The National Hydroelectric Power Corporation Ltd. (NHPC) will launch this noteworthy initiative, which aims to run hydrogen fuel cell-powered buses in the area. This programme aligns with the aggressive goals set by the government for green hydrogen energy.

The 500-kW ground-mounted solar power installation that Gensol is planning will be grid-connected and supply power for the hydrogen refuelling station. Matrix, the fastest-growing natural gas aggregator and developer of hydrogen infrastructure in India, will manage the planning, procurement, and commissioning of two electrolysers, each with a 30 NM3 capacity. The scope of work comprises the necessary civil and electrical infrastructure for the integrated solar and hydrogen operation in Ladakh, as well as the installation, storage, and dispensing facilities of the green hydrogen system.

This ground-breaking initiative covers the entire green hydrogen supply chain, which has never been done before in India. With a 12-month timeline from the work order's issuance, Gensol promises to carry out the project for NHPC, guaranteeing a minimum level of 99.97% purity in green hydrogen. The winning of the NHPC project is expected to improve Matrix's and Gensol's technological capabilities, boost their market position, and provide new opportunities for partnership and expansion in the renewable energy industry.

Mr. Ali Imran Naqvi, CEO-BD & Project Management, Gensol Engineering Ltd., said, "Our collaboration with a state-operated entity such as NHPC bolsters Gensol's stature and trustworthiness in the industry, creating avenues for additional opportunities and alliances in the green hydrogen sector. The NHPC project win is set to strengthen Gensol's market position, elevate our technical capabilities, and pave the way for growth and collaboration in the renewable energy sector."

Mr. Chirag Kotecha, Whole-time Director of Matrix Gas and Renewables Limited, reaffirmed the company's dedication to fulfilling the objectives set forth by the Ministry of New and Renewable Energy (MNRE) of India. He stated, "The forthcoming Green Hydrogen-based mobility station pilot project will establish the technical and commercial feasibility of green hydrogen. This initiative will pave the way for scaling up to larger projects and will contribute significantly to India's energy security. Given the vast potential within the green hydrogen supply chain, Matrix Gas and Renewables is strategically poised to offer efficient and economically viable solutions across the diverse Indian market."

Gensol Engineering Limited was founded in 2012 and is an important subsidiary of the Gensol group. It offers engineering, procurement, and construction (EPC) services related to the building of solar power plants.