Gensol at 5% UC

Gensol Engineering, which is a solar power EPC services and electric mobility company, announced yesterday that it has emerged as a successful bidder for 250 MW/500 MWh standalone Battery Energy Storage Systems project from Gujarat Urja Vikas Nigam Limited.

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 Rs.2680 crore over the 12-year Battery Energy Storage Purchase Agreement tenure.

Following this news, the stock which had closed at Rs.1016.85, opened itself at its 5% UC of the day at Rs.1067.65 where it now remains frozen. Its 52-week high is at Rs.1377.10.