Gensol Engineering Ltd. (BSE: 542851) (NSE: GENSOL), renowned for its expertise in solar power engineering, procurement, and construction (EPC) services, as well as the electric mobility sector, has clinched the top position (L1) for a 70 MW / 140 MWh segment of a 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project. This significant achievement underscores Gensol’s dominance in the field and its capability to deliver cutting-edge solutions.
The project, to be executed by Gensol under a Tariff-Based Global Competitive Bidding model, aims to provide energy storage capacity to Gujarat Urja Vikas Nigam Limited (GUVNL) in Gujarat on an on-demand basis. Upon completion, the project will cater to Gujarat State’s DISCOMs by supplying electricity during peak and off-peak hours, delivering 70 MW / 140 MWh energy for two charge/discharge cycles daily. Over the contract period, the project is anticipated to contribute INR 450 Crore to Gensol’s revenue.
Battery Energy Storage Systems are increasingly vital for renewables integration and grid stability worldwide. Gensol will deploy state-of-the-art energy storage solutions with advanced energy management systems, ensuring stringent performance metrics are met. This highlights Gensol’s ability to meet the rising demand for reliable and efficient energy storage solutions globally.
The successful bid underscores Gensol’s prowess in EPC capabilities and its commitment to value chain integration, particularly in Advanced Chemistry Cell-based Energy Storage Systems. As one of the country’s initial large-scale BESS projects, the prospects for BESS are expected to soar with robust policy backing from the Government.
Mr. Ali Imran Naqvi, CEO of Gensol Engineering Limited (EPC Business), expressed optimism about the BESS market’s future and Gensol’s pivotal role: “This milestone project with GUVNL not only reaffirms Gensol’s expertise and reliability in the renewable energy sector but also signals our trajectory for the future. The BESS market is poised for exponential growth, and Gensol is well-positioned to lead this transformation. As pioneers in this domain, we are committed to leveraging our extensive capabilities to drive innovation, sustainability, and value for all stakeholders. This project marks a significant milestone, establishing Gensol as a premier industry leader in the renewable energy landscape.”