Mumbai, 19 June, 2024: Gensol Engineering Ltd. (BSE: 542851) (NSE: GENSOL), a pioneer in solar power engineering, procurement, and construction (EPC) services and electric mobility sector, has received the second tranche under greenshoe option allotment of 250 MW/500 MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) for standalone Battery Energy Storage Systems (BESS) project to reach 500 MW / 1000 MWh. The project including first and second tranche will generate a total revenue of INR 2685 Crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure.
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 once commissioned at two Gujarat Energy Transmission Corporation (GETCO) substations, will deliver 500 MW/1000 MWh energy for two charge/discharge cycles per day.
Commenting on Gensol’s pivotal role sector’s growth in India, Anmol Singh Jaggi, Managing Director, Gensol Engineering Limited said, “We are proud to receive the second tranche under greenshoe option allotment from GUVNL taking our BESS order book to over INR 3100 Crore. Gensol is committed to supporting India’s energy transition goals through innovative and sustainable solutions. Emerging as a successful bidder and being awarded additional allotment enables us to make a significant impact on the Indian energy market while solidifying our position as a leading industry player in the renewable energy landscape, propelling the future of BESS in India.”
