Gensol Engg hits the roof on emerging as L-1 bidder for GUVNL’s project – EQ
In Short – Gensol Engineering’s stock surged after it emerged as the lowest bidder (L-1) for Gujarat Urja Vikas Nigam Limited’s (GUVNL) project. This significant win highlights Gensol’s competitive edge in the renewable energy sector, promising future growth and strengthening its market position in providing sustainable energy solutions.
In Details – Gensol Engineering was locked in upper circuit of 5% at Rs 1,067.65 after it emerged as a successful bidder for the for 250 MW/500 MWh battery energy storage system (BESS) awarded by Gujarat Urja Vikas Nigam (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 around Rs 2,680 crore over the 12-year battery energy storage purchase agreement (BESPA) tenure.
Anmol Singh Jaggi, managing director of Gensol Engineering said, 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.
Gensol Engineering offers end-to-end EPC and solar advisory services. The company is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India. The consolidated net profit stood at Rs 19.78 crore in Q4 FY24, steeply higher than Rs 7.38 crore in Q4 FY23. Revenue from operations soared 143.28% to Rs 398.82 crore in Q4 FY24.
