Gensol Engg hits 5% upper circuit on securing project worth Rs 1,340 crore

Gensol Engineering share soars: Shares of Gensol Engineering were locked at 5 per cent upper circuit at Rs 1,067.65 per share on Thursday.

The rise in stock came after the company emerged as a successful bidder for a 250-Mw/500 MWh battery energy storage system (BESS) tender floated by Gujarat Urja Vikas Nigam Limited.

In an exchange filing, Gensol Engineering said, “We would like to inform you that the company has in normal course of business, emerged as a successful bidder for a 250 MW/500 MWh Battery Energy Storage System (BESS) tender floated by Gujarat Urja Vikas Nigam Limited (GUVNL).”

The project aims to provide electricity to Gujarat State's DISCOMs as needed, supplementing renewable energy availability beyond solar hours, meeting Energy Storage Purchase Obligations, and bolstering grid resilience.

The project entails supplying 250 MW/500 MWh energy for two charge/discharge cycles daily. Additionally, there's an option to extend the project by another 250 MW/500 MWh subject to GUVNL's discretion, potentially resulting in a capacity of 500 MW/1000 MWh. This expansion could yield a total revenue of about Rs 2,680 crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) duration.

“It’s a proud moment for Gensol. 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 endeavours. 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,” said Anmol Singh Jaggi, managing director of Gensol Engineering Limited.

The market capitalisation of Gensol Engineering stood at Rs 4,043.50 crore, according to BSE.

At 9:39 AM, shares of Gensol Engineering continued to be locked in the 5 per cent upper circuit at Rs 1,067.65. In comparison, BSE Sensex soared 0.40 per cent to 76,909.63 levels.