Gensol wins GUVNL’s 250 MW/500 MWh standalone battery storage tender

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Gensol Engineering Ltd, a solar power engineering, procurement, and construction (EPC) services and electric mobility solutions provider, has emerged as a successful bidder for 250 MW/500 MWh standalone battery energy storage systems (BESS) project from Gujarat Urja Vikas Nigam Ltd (GUVNL).

The project is worth INR 1,340 crore ($160.5 million) and marks Gensol’s yet another win in the battery storage space after securing 70 MW in GUVNL’s Phase II 250 MW/500 MWh standalone BESS tender in March this year.

Gensol won the latest GUVNL BESS tender by quoting a price of INR 3.72 lacs ($4,452 )/MW/month, which is 17% lower than INR 4.49 lacs/MW/month discovered in GUVNL’s 250 MW/500 MWh standalone battery energy storage auction in March.

“This price is without the support of viability gap funding (VGF). With Solar Energy Corp. of India (SECI) already releasing NIT for the first standalone BESS project under VGF scheme, the coming days looks super promising and exciting for batteries in India,” remarked Debmalya Sen, India Lead – Advanced Energy Solutions, World Economic Forum.

The project will supply electricity on an “on-demand” basis to Gujarat State’s DISCOMs during peak and off-peak hours, thereby extending renewable energy availability beyond solar hours, fulfilling Energy Storage Purchase Obligations, and enhancing grid resilience. The project will deliver 250 MW/500 MWh energy for two charge/discharge cycles per day. There is a greenshoe option of awarding second tranche of 250 MW/500 MWh at the discretion of GUVNL at the same terms and conditions; in case of exercise of greenshoe option the project could reach 500 MW / 1000 MWh, potentially generating a total revenue of approximately INR 2680 Crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure.

GUVNL will enter into a battery energy storage purchase agreement (BESPA) with the winning developer (Gensol).

Gensol will set up the BESS on a build-own-operate (BOO) basis, with the primary objective of making the energy storage facility available to GUVNL for charging/discharging of the BESS on an “on demand” basis.

The project will supply electricity on an “on-demand” basis to Gujarat’s DISCOMs during peak and off-peak hours, thereby extending renewable energy availability beyond solar hours, fulfilling energy storage purchase obligations, and enhancing grid resilience.

The project will deliver 250 MW/500 MWh energy for two charge/discharge cycles per day. There is a greenshoe option of awarding second tranche of 250 MW/500 MWh at the discretion of GUVNL at the same terms and conditions; in case of exercise of greenshoe option the project could reach 500 MW/1,000 MWh, potentially generating a total revenue of approximately INR 2,680 crore over the 12-year BESPA tenure.

 

 

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