Gensol Engineering Stock Hits 5 pc Upper Circuit: Here's Reason For Sudden Spike In Share Price

Gensol Engineering shared that this project aims to provide electricity "on-demand" to Gujarat State's power distribution companies during peak and off-peak hours.
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Gensol Engineering Stock Hits 5 Upper Circuit

Shares of Gensol Engineering surged to a 5 per cent upper circuit limit in early morning trade today. As a result, it reached at Rs 1068 per share.

What Is The Reason Of Sudden Rally In Share Price?

This spike followed the announcement that the company won a significant project for a 250 MW/500 MWh standalone Battery Energy Storage System (BESS) worth Rs 1340 crore from Gujarat Urja Vikas Nigam Limited (GUVNL).

What Gensol Engineering Said?

Gensol Engineering shared that this project aims to provide electricity "on-demand" to Gujarat State's power distribution companies during peak and off-peak hours. This will extend the availability of renewable energy beyond solar hours, meet Energy Storage Purchase Obligations, and improve the resilience of the grid.

What Is The Project?

The project is designed to deliver 250 MW/500 MWh of energy for two charge/discharge cycles each day. There is also an option for GUVNL to award a second tranche of 250 MW/500 MWh under the same terms, potentially doubling the project to 500 MW/1000 MWh and generating approximately Rs 2680 crore in revenue over the 12-year Battery Energy Storage Purchase Agreement (BESPA) period.

What Is Gensol Engineering Portfolio?

Gensol Engineering is a leading solar EPC company in India, specializing in solar park and rooftop installations. The firm has completed projects totaling over 770 MW and is the largest provider of solar operations and maintenance services in the country.
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