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Advait Energy Transitions Ltd on Tuesday (June 2) said its wholly-owned subsidiary, Advait BESS Bhesaan Private Ltd, has executed a battery energy storage purchase agreement (BESPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL).
The agreement is for the development of a standalone battery energy storage system (BESS) project with an aggregate capacity of 150 MW/300 MWh.
The battery energy storage purchase agreement has been executed under Gujarat Urja Vikas Nigam Ltd, phase-VIII, following a tariff-based competitive bidding process.
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The project is supported by viability gap funding (VGF) through the Power System Development Fund (PSDF), as part of the framework under which the contract has been awarded by GUVNL.
As per the agreement, Advait BESS Bhesaan Private Ltd will develop, own and operate the standalone BESS project. The project will be located in the vicinity of the 220 kV Bhesan AIS substation of GETCO in Gujarat.
The company will make the contracted battery energy storage capacity available to Gujarat Urja Vikas Nigam on a long-term basis. The battery energy storage purchase agreement has a tenure of 12 years from the effective date of signing.
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The company confirmed that the order has been received from a domestic entity. It further stated that the promoter, promoter group, and group companies do not have any interest in the entity awarding the contract, and the transaction does not fall within the scope of related party transactions.
Shares of Advait Energy Transitions Ltd ended at ₹1,975, up by ₹30.95, or 1.59%, on the BSE today, June 2.
The agreement is for the development of a standalone battery energy storage system (BESS) project with an aggregate capacity of 150 MW/300 MWh.
The battery energy storage purchase agreement has been executed under Gujarat Urja Vikas Nigam Ltd, phase-VIII, following a tariff-based competitive bidding process.
ALSO READ | Advait Energy emerges lowest bidder for DGVCL turnkey power project tender
The project is supported by viability gap funding (VGF) through the Power System Development Fund (PSDF), as part of the framework under which the contract has been awarded by GUVNL.
As per the agreement, Advait BESS Bhesaan Private Ltd will develop, own and operate the standalone BESS project. The project will be located in the vicinity of the 220 kV Bhesan AIS substation of GETCO in Gujarat.
The company will make the contracted battery energy storage capacity available to Gujarat Urja Vikas Nigam on a long-term basis. The battery energy storage purchase agreement has a tenure of 12 years from the effective date of signing.
ALSO READ | Advait Energy Transitions' arm Advait Greenergy enters ₹1,450 crore MoU with Gujarat govt
The company confirmed that the order has been received from a domestic entity. It further stated that the promoter, promoter group, and group companies do not have any interest in the entity awarding the contract, and the transaction does not fall within the scope of related party transactions.
Shares of Advait Energy Transitions Ltd ended at ₹1,975, up by ₹30.95, or 1.59%, on the BSE today, June 2.
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