Gensol Engineering shares soared and hit a 5% upper circuit on Thursday 13 June after the company announced emerging as a successful bidder for a 250 megawatt (MW)/500 Megawatt hour (MWh) BESS tender.

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’s goals include:

• Fulfilling energy storage purchase obligations.
• Improving grid resilience.
• Expanding the availability of renewable energy sources after dusk.
• Providing electricity to Gujarat State’s DISCOMs on demand.

Part of the project also involves supplying 250 MW/500 MWh energy for two charges/discharges daily. Furthermore, the project has an option of extending by another 250 MW/500 MWh, which is subject to approval from GUVNL, taking the total capacity to 500 MW/1,000 MWh. 

The expansion can result in a total revenue potential of around Rs 2,680 crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) duration.

Anmol Singh Jaggi, managing director of Gensol Engineering Limited, said, “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.”

Anmol added that the BESS market in India is heading towards exponential growth, and Gensol is at the forefront and is ready to lead this transformation. Securing this project enables them to significantly impact 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.

At 3:30 pm, the shares of Gensol Engineering closed 4.50% lower at Rs 1,063 on NSE.