Gensol Engineering shines on emerging as successful bidder for GUVNL`s BESS project
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Gensol Engineering is currently trading at Rs. 1067.65, up by 50.80 points or 5.00% from its previous closing of Rs. 1016.85 on the BSE.
The scrip opened at Rs. 1067.65 and has touched a high and low of Rs. 1067.65 and Rs. 1067.65 respectively. So far 15772 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1377.10 on 20-Feb-2024 and a 52 week low of Rs. 311.69 on 14-Jun-2023.
Last one week high and low of the scrip stood at Rs. 1067.65 and Rs. 944.15 respectively. The current market cap of the company is Rs. 4043.50 crore.
The promoters holding in the company stood at 62.62%, while Institutions and Non-Institutions held 2.49% and 34.89% respectively.
Gensol Engineering has emerged as a successful bidder for 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project from Gujarat Urja Vikas Nigam (GUVNL).
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 around Rs 2680 crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure.
Gensol Engineering is engaged in providing technical due diligence, detailed engineering, quality control, construction supervision, and other consulting services for solar projects across many countries, including India.
