Gensol Engg emerges as L-1 bidder for Rs 450-cr project

Gensol Engineering announced that it has emerged as lowest (L-1) bidder for a partial capacity of 70 MW/140 MWh out of 250 MW/500 MWh standalone battery energy storage systems (BESS) floated by Gujarat Urja Vikas Nigam (GUVNL).

The project will be developed under a tariff-based global competitive bidding model to provide energy storage capacity to GUVNL in Gujarat on-demand basis.

After commissioning, the project will provide electricity on an On-Demand basis to Gujarat State's DISCOMs during the peak and off-peak hours. The project will deliver 70 MW/140 MWh energy for two charge/discharge cycles a day. The project will contribute Rs 450 crore to Gensols revenue over the period of contract.

Battery energy storage has been increasingly deployed globally for renewables integration and managing uncertainty in the electricity grid. Gensol will provide energy storage solutions integrated with advanced energy management systems while meeting stringent availability and efficiency performance metrics.

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 company reported a consolidated net profit of Rs 13.12 crore in Q3 FY24 as against a net loss of Rs 1.90 crore. Revenue from operations stood at Rs 220.25 crore in Q3 FY24, steeply higher from Rs 50.79 crore in Q3 FY23.

The scrip fell 2.50% to trade at Rs 988 on the BSE.

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