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Hot Pursuit News

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(13 Jun 2024, 10:55)

Gensol Engg hits the roof on emerging as L-1 bidder for GUVNL's project

Gensol Engineering was locked in upper circuit of 5% at Rs 1,067.65 after it emerged as a successful bidder for the for 250 MW/500 MWh battery energy storage system (BESS) awarded by Gujarat Urja Vikas Nigam (GUVNL).

The project will supply electricity on an ‘on-demand’ basis to Gujarat State's DISCOMs during peak and off-peak hours, thereby extending renewable energy availability beyond solar hours, fulfilling energy storage purchase obligations, and enhancing grid resilience. The project will deliver 250 MW/500 MWh energy for two charge/discharge cycles per day.

There is a greenshoe option of awarding second tranche of 250 MW/500 MWh at the discretion of GUVNL at the same terms and conditions; in case of exercise of greenshoe option the project could reach 500 MW / 1000 MWh, potentially generating a total revenue of around Rs 2,680 crore over the 12-year battery energy storage purchase agreement (BESPA) tenure.

Anmol Singh Jaggi, managing director of Gensol Engineering said, “This landmark ...

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