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Gensol Engineering Expands BESS Capacity with ₹3,100 Crore Order

02 July 20243 mins read by Angel One
Gensol Engineering secures an additional 250 MW/500 MWh for its BESS project, boosting total capacity to 500 MW/1000 MWh.
Gensol Engineering Expands BESS Capacity with ₹3,100 Crore Order
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On June 19, 2024, Gensol Engineering Ltd. received an additional 250 MW/500 MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) for their Battery Energy Storage Systems (BESS) project. This brings their total project capacity to 500 MW/1000 MWh. The project, including both tranches, is expected to generate ₹2685 crore in revenue over 12 years under the Battery Energy Storage Purchase Agreement (BESPA).

Operational Impact

Once operational at two Gujarat Energy Transmission Corporation (GETCO) substations, the project will provide electricity as needed to Gujarat State’s DISCOMs during peak and off-peak hours. This extends the availability of renewable energy beyond sunlight hours, meets Energy Storage Purchase Obligations, and strengthens grid resilience. The system will deliver 500 MW/1000 MWh of energy daily through two charge/discharge cycles.

Anmol Singh Jaggi, Managing Director of 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 ₹3,100 Crore. Gensol supports India’s energy transition goals through innovative and sustainable solutions. Emerging as a successful bidder and awarded additional allotment enables us to significantly impact 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.”

About Gensol Engineering Limited

Founded in 2012, Gensol Engineering Limited is a prominent player in renewable energy, focusing on solar power EPC services and electric mobility solutions. With over 500 professionals, Gensol operates Gensol Solar EPC for solar projects across India and the Middle East, including rooftop, ground mount, and floating installations totalling 770 MW. In 2023, Gensol acquired Scorpius Trackers to enhance its solar tracking capabilities. It holds the title of India’s largest provider of solar operation and maintenance (O&M) services.

Additionally, Gensol has a modern EV manufacturing facility in Pune with a capacity of 30,000 vehicles annually. It is certified by ARAI for urban fleet and cargo applications and plans to produce passenger vehicles in the future.

On June 20, 2024, Gensol Engineering Limited’s share price opened at ₹1,056.60, touching the highest price of ₹1,066.65 as of 02:55 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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