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What is the story about?
Shares of Ceigall India Ltd. gained on Wednesday, May 13, after the company said it has been selected to set up a 100 MW standalone Battery Energy Storage System (BESS) project in Punjab.
In an exchange filing, the company said it received an email on May 12 from Punjab State Power Corporation Ltd. (PSPCL) intimating its selection under tariff-based global competitive bidding through an e-reverse auction process.
The project involves setting up a 100 MW standalone battery energy storage system in Punjab under PSPCL’s BESS-II tender.
Also read: HPCL Q4 Results: Operating performance strong; Board approves highest dividend in five years
Ceigall India said the project cost is estimated aaround ₹250 crore. The tariff for the project has been fixed at ₹3.44 lakh per MW per month.
The company will set up, operate and maintain the battery storage plant and supply power under a long-term Battery Energy Storage Purchase Agreement (BESPA).
The operational period for the project is 12 years from the scheduled commercial operation date, while execution is expected to be completed within 18 months.
The company also clarified that the order does not fall under related-party transactions and that the promoter group has no interest in the awarding entity.
Shares of Ceigall India gained over 2% following the announcement and were trading at ₹357.50 as of 12.13 pm. The stock has surged 20% in last month and more than 45% over the last six months.
In an exchange filing, the company said it received an email on May 12 from Punjab State Power Corporation Ltd. (PSPCL) intimating its selection under tariff-based global competitive bidding through an e-reverse auction process.
The project involves setting up a 100 MW standalone battery energy storage system in Punjab under PSPCL’s BESS-II tender.
Also read: HPCL Q4 Results: Operating performance strong; Board approves highest dividend in five years
Ceigall India said the project cost is estimated aaround ₹250 crore. The tariff for the project has been fixed at ₹3.44 lakh per MW per month.
The company will set up, operate and maintain the battery storage plant and supply power under a long-term Battery Energy Storage Purchase Agreement (BESPA).
The operational period for the project is 12 years from the scheduled commercial operation date, while execution is expected to be completed within 18 months.
The company also clarified that the order does not fall under related-party transactions and that the promoter group has no interest in the awarding entity.
Shares of Ceigall India gained over 2% following the announcement and were trading at ₹357.50 as of 12.13 pm. The stock has surged 20% in last month and more than 45% over the last six months.
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