Gensol Wins Big: ₹450 Crore Battery Project for Gujarat Grid

11 Mar 2024 , 04:00 PM

On the stock exchanges, Gensol Engineering declared that it had achieved an unbeatable lead for the 70 MW/140 MWh portion of the 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project after emerging from L1.

According to the company’s news release, Gensol Engineering will build the project using a Tariff-Based Global Competitive Bidding methodology to supply Gujarat Urja Vikas Nigam Limited (GUVNL) with energy storage capacity on an as-needed basis.

Over the course of the contract, Gensol Engineering, which provides engineering, procurement, and construction (EPC) services for solar power and the electric mobility industry, anticipates that the project will generate ₹450 Crore in revenue for it. Once operational, the project is anticipated to supply Gujarat State’s DISCOMs with power on a demand basis during peak and off-peak hours. Two charge/discharge cycles each day will get 70 MW / 140 MWh of electricity from the facility.

Worldwide, the use of battery energy storage is growing in order to integrate renewable energy sources and control grid volatility. Modern energy storage solutions coupled with cutting-edge energy management systems will be offered by Gensol, all while satisfying exacting performance standards for efficiency and availability.

The company went on to say that because it was one of the first large-scale independent BESS projects in the nation, BESS’s prospects would greatly improve thanks to the government’s strong policy backing.

Although Gensol Engineering’s shares have lost more than 11% over the last month, they had increased by more than 20% year to date.

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