Gensol is selling its US subsidiary Scorpius Trackers Inc. for INR 3.5 billion
The unidentified buyer also gets the company’s global IP rights for its solar tracking technology
The proceeds from the transaction will be strategically redeployed to expand its tracker operations in India
Less than a year after launching its US subsidiary Scorpius Trackers Inc., Indian EPC group Gensol Engineering Limited has struck a INR 3.5 billion ($40.3 million) deal to sell the same to an unidentified ‘major renewable energy solutions provider’ in the US.
Gensol incorporated the Scorpius business in the US in August 2024, targeting the supply of over 2 GW of its tracker technology annually by 2028 (see North America PV News Snippets: Canadian Solar’s Thomas Koerner At RE+ Manufacturing Conference & More).
The deal also includes the transfer of exclusive and global intellectual property (IP) rights for Scorpius Trackers’ advanced solar tracking technology, it added in a stock exchange announcement. The transaction is to be completed in 2 tranches with final closure expected by March 2026.
Gensol will continue to operate its wholly-owned subsidiary in India, Scorpius Trackers Pvt. Ltd., which will continue to remain its wholly-owned subsidiary with a focus on the domestic market. It will retain the IP rights for the Indian projects.
“The monetization of Scorpius Trackers' US business enables us to reinvest in high-growth opportunities in India while strengthening our financial position,” said Gensol’s Chairman and Managing Director Anmol Jaggi.
Gensol management attributes the sale of the US tracker subsidiary to its business strategy to monetize high-value assets, unlock capital from its subsidiaries and reinvest in its core growth areas. Nevertheless, the decision follows the new administration under US President Donald Trump creating uncertainty for clean energy investors in the market.
Recently, Indian solar PV manufacturer Premier Energies Limited put the brakes on its 1.2 GW solar cell manufacturing plans in the US, saying it awaits clarity on the Inflation Reduction Act (IRA) incentives under the new regime (see North America Solar PV News Snippets: EDPR Commissions 400 MW Solar Projects For Microsoft & More).
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