Gensol wins 250 MW GUVNL Battery project worth ₹1340 crore

Gensol Engineering Ltd. to Spearhead Gujarat’s Energy Storage Initiative, Enhancing Renewable Integration and Grid Stability

Gensol Engineering Ltd. (BSE: 542851) (NSE: GENSOL), a pioneer in solar power engineering, procurement, and construction (EPC) services and the electric mobility sector, has emerged as a successful bidder for Gujarat Urja Vikas Nigam Limited’s 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project.

The project will provide “On-Demand” electricity to Gujarat State’s DISCOMs during peak and off-peak hours, extending renewable energy availability beyond solar hours, meeting Energy Storage Purchase Obligations, and improving system resilience. The project will generate 250 MW/500 MWh of electricity for two charge/discharge cycles each day. There is a greenshoe option to award a second tranche of 250 MW/500 MWh at GUVNL’s discretion on the same terms and conditions; if the greenshoe option is exercised, 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.

Anmol Singh Jaggi, Managing Director of Gensol Engineering Limited, expressed his excitement for the future of BESS in India and Gensol’s vital role in fueling the growth of this industry, “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 being used around the world to integrate renewable energy and manage grid risks. As part of this project, Gensol will supply cutting-edge energy storage technologies in conjunction with innovative energy management systems, maintaining strict availability and efficiency criteria. This project demonstrates the company’s capacity to provide dependable, energy-efficient storage solutions to meet increasing worldwide demand.

As one of the country’s first big standalone BESS projects, BESS has the potential to grow significantly, fueled by strong government policy backing. Securing the deal demonstrates Gensol’s EPC skills and attempts to integrate into the value chain, particularly in Advanced Chemistry Cell-Based Energy Storage Systems.