Bengaluru, 13 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 emerged as a successful bidder for 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project from Gujarat Urja Vikas Nigam Limited (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 approximately INR 2680 Crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure.
Expressing his optimism about the future of BESS in India and Gensol’s pivotal role in propelling the growth of this sector, Anmol Singh Jaggi, Managing Director, Gensol Engineering Limited said, “It’s a proud moment for Gensol. This landmark for GUVNL BESS project not only highlights Gensol’s expertise and reliability in the renewable energy sector but also sets a clear direction for our future endeavors. It aligns with Gensol’s commitment to supporting India’s energy transition goals through innovative and sustainable solutions. The BESS market in India is poised for exponential growth, and Gensol is at the forefront, ready to lead this transformation. Securing this project 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.”
Battery energy storage is increasingly deployed worldwide for renewable energy integration and managing grid uncertainties. As part of this project, Gensol will provide state-of-the-art energy storage solutions combined with advanced energy management systems, ensuring compliance with rigorous availability and efficiency standards. This project underscores the company’s ability to deliver reliable and energy-efficient storage solutions that meet the rising global demand.
Being one of the first major projects of standalone BESS in the country, the potential for BESS is set to experience substantial growth, fueled by robust policy backing from the Government. Securing the project is a testimony of Gensol’s EPC capabilities and efforts towards integration into the value chain, particularly in Advanced Chemistry Cell-based Energy Storage Systems.
