Centre may rebid Gensol’s Rs 7,000-cr green contracts amid Sebi probe: Report

These contracts span solar engineering, procurement and construction (EPC) and battery energy storage systems (BESS)

The Centre is reportedly reviewing all green energy projects awarded to Gensol Engineering Pvt. Ltd, as concerns mount over the viability of completing these contracts following regulatory action against the company. The move could result in rebidding some of the projects, two people familiar with the matter told Mint.

The government’s scrutiny comes in light of the company's Rs 7,000-crore unexecuted order book, a significant portion of which involves contracts with state-run firms including NTPC Ltd, Damodar Valley Corp. Ltd (DVC), and The Singareni Collieries Co. Ltd. These contracts span solar engineering, procurement and construction (EPC) and battery energy storage systems (BESS), Mint reported.

Gensol and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, are under fire following a 15 April interim order from the Securities and Exchange Board of India (Sebi), which barred them from the securities market over allegations of fund diversion and forgery.

"The Centre is looking into the Gensol issue and every aspect of it, including the renewable EPC projects awarded by public sector undertakings," one of the sources told Mint. The report adds that the Ministry of New and Renewable Energy (MNRE), which oversees Indian Renewable Energy Development Agency Ltd (IREDA), is monitoring the situation closely and may consider rebidding the EPC contracts if Gensol appears unlikely to complete them.

The move is also aimed at protecting over Rs 1,000 crore in exposure to Gensol from becoming non-performing. IREDA and Power Finance Corp. Ltd (PFC) have reportedly lent the firm Rs 663 crore and Rs 350 crore, respectively. The Ministry of Power, which oversees PFC, is also reviewing the case, according to Mint.

On Tuesday, PFC said it had filed a complaint with the Economic Offences Wing (EoW) of the Delhi Police, alleging that Gensol submitted falsified documents. The company said it is exploring all legal and regulatory avenues and has launched an internal investigation.

The Sebi order flagged that while the fund diversion was linked primarily to the purchase of electric vehicles for leasing to a related party, the implications are broader and could disrupt ongoing renewable EPC contracts.

“These contracts are not just capital-intensive, they also require strict financial discipline, timely execution, and reputational credibility to retain project flow and institutional trust,” the regulator noted.

As per Gensol’s investor presentation for the December quarter of FY25, the company’s pending order book stood at Rs 7,000 crore, with Rs 2,928 crore in solar EPC projects secured in just the third quarter.

Queries sent to MNRE and the Ministry of Power remained unanswered at the time of publishing, Mint said. Moneycontrol could not independently verify the details reported by Mint.