Rajesh Power gains as arm inks BESPA with GUVNL for battery energy storage project

Rajesh Power Services rose 2.47% to Rs 911.95 after its wholly-owned subsidiary, Rajesh Power Projects, signed a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam (GUVNL).

The project involves developing a 65 MW / 130 MWh standalone Battery Energy Storage System at Virpore, Gujarat.

The agreement sets a 12-year operational framework at a contracted tariff of Rs 1.89 lakh per MW per month and marks Rajesh Powers formal entry into the utility-scale battery energy storage segment.

The project, expected to be commissioned within 18 months, will store electricity for up to two hours, supporting renewable energy integration, enhancing grid flexibility, and optimizing power procurement. Gujarat is emerging as a leader in grid-scale battery storage, with multiple phases of procurement initiated by GUVNL to complement the states expanding renewable energy capacity.

Kurang Panchal, MD, Rajesh Power Services, said, The signing of the BESPA with GUVNL marks an important milestone for Rajesh Power as we enter the utility-scale battery storage segment. As renewable energy capacity continues to grow, battery energy storage systems will play a critical role in ensuring grid flexibility and reliability. This project reflects our commitment to supporting Indias evolving power infrastructure through high-quality execution and long-term operational capability.

Rajesh Power Services provides consultancy to state transmission and distribution companies, private utilities, and industries.

On a full-year basis, the companys standalone net profit surged 233.9% to Rs 86.88 crore, driven by a 276.2% rise in revenue from operations to Rs 1,072.07 crore in FY25 compared with FY24.

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