Gensol Engineering wins Rs 450-crore battery energy storage project from GUVNL

Gujarat

Gensol Engineering announced on bourses that it has emerged L1 attaining an unassailable position for 70 MW / 140 MWh out of 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project.

The project will be developed by Gensol Engineering under a Tariff-Based Global Competitive Bidding model to provide energy storage capacity to Gujarat Urja Vikas Nigam Limited (GUVNL) in Gujarat on-demand basis the company further stated in the press release.

Gensol Engineering is engaged in solar power engineering, procurement, and construction (EPC) services and electric mobility sector expects the project to contribute INR 450 Crore to its revenue over the period of the contract.  The project once commissioned is expected to provide electricity on an on-demand basis to Gujarat State's DISCOMs during the peak and off-peak hours. The project will deliver 70 MW / 140 MWh energy for two charge/discharge cycles a day.

Battery Energy storage has been increasingly deployed globally for renewables integration and managing uncertainty in the electricity grid. Gensol will be providing state-of-the-art energy storage solutions integrated with advanced energy management systems while meeting stringent availability and efficiency performance metrics.

The company further stated that being one of the first major projects of standalone BESS in the country, the prospects for BESS will grow significantly on the back of strong policy support from the Government.

Gensol Engineering shares are up by more than 20 percent on year-to-date basis however have slipped by more than 11 percent in the past one month.

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