Rajesh Power has received a Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for the development of a 65 MW / 130 MWh Standalone Battery Energy Storage System (BESS) at Virpore in Gujarat. The LoI has been issued under Phase VII of the tariff-based competitive bidding process, with Viability Gap Funding support through the Power System Development Fund (PSDF).
The company disclosed the development in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The LoI has been received in the normal course of business.
Project scope and key details
The project involves setting up a standalone battery energy storage system with a capacity of 65 MW and 130 MWh. It is part of a larger BESS programme in Gujarat with an overall planned capacity of 2,000 MW / 4,000 MWh.
The award is subject to the execution of a Battery Energy Storage Purchase Agreement (BESPA) and receipt of applicable regulatory approvals. The project is to be executed within 18 months from the date of signing of the BESPA.
Contract and regulatory information
The order has been awarded by a domestic entity and falls under tariff-based battery storage systems. According to the company’s disclosure, the promoter, promoter group, or group companies do not have any interest in the entity awarding the contract. The project does not fall under related party transactions.
