Gensol Engineering shares hit upper circuit after winning 116 MW solar project; check details

The projects have an estimated engineering, procurement and construction (EPC) revenue of ₹600 crore. These projects will be distributed across 27 locations under the purview of Paschim Gujarat Vij Co. Ltd. (PGVCL), the state electricity distribution company.

The company said that these projects aim for feeder-level solarisation and are likely to become operational within 12 months of the Letter of Award (LoA) being issued. These solar power projects can be deployed to fulfil the power needs of single or multiple agricultural feeders from a distribution substation.

The stock opened the day's trade at ₹984.25 on NSE, up by 4.9 % from the previous close, gaining further to touch the day's high.

Gensol Engineering stocks ended Tuesday's session at the peak of ₹985.15 a piece

Earlier on June 19, Gensol Engineering informed the exchanges that it had emerged as a successful bidder for a 250 MW/500 MWh standalone Battery Energy Storage Systems (BESS) project from Gujarat Urja Vikas Nigam Limited (GUVNL). As a part of the contract, the company will supply electricity on an ‘on-demand’ basis to Gujarat’s power distribution companies during peak and off-peak hours.

This project will deliver 250 MW/500 MWh of energy for two charge and discharge cycles daily. Further, GUVNL will have a greenshoe option for awarding a second tranche of 250 MW/500 MWh at its discretion with the same terms and conditions.

Gensol Engineering Limited was established in 2012. It is part of the Gensol group and specialises in engineering, procurement, and construction (EPC) services focused on the solar power sector. The company has installed ground-mounted and rooftop solar installations with over 770 MW of power generation capacity.