Gensol signs INR 350 crore deal to sell US solar tracker unit

India-based Gensol Engineering Limited has signed a non-binding agreement to sell its US subsidiary, Scorpius Trackers Inc., for INR 350 crore (~$40.10 million) to a US-based renewable energy solutions provider. The transaction also includes transferring global intellectual property rights for Scorpius Trackers' advanced solar tracking technology, excluding India. The transaction was planned in two phases, with completion expected by March 2026, pending due diligence and approvals. Gensol aimed to monetize assets, unlock capital, and reinvest in renewable energy growth. Proceeds were allocated for expanding Scorpius Trackers’ India operations, scaling solar EPC business, and supporting Gensol’s clean energy initiatives. The move was intended to improve cash flow and strengthen the balance sheet. Scorpius Trackers Pvt. Ltd. remained a wholly owned subsidiary of Gensol Engineering in India. The agreement positioned Scorpius Trackers for US market expansion while maintaining its focus on India's solar sector.