4,500 per cent returns and FIIs & DIIs increase stake: This multibagger EV and solar stock bags 70 MW (140 MWh) battery energy storage project worth Rs 450 crore!
Shares of the company have gained more than 50 per cent in the last six months.
Gensol Engineering Limited has won a significant bid for a battery energy storage project in Gujarat. The company emerged as the lowest bidder for a 70 MW/140 MWh portion of a larger 250 MW/500 MWh Battery Energy Storage System (BESS) tendered by Gujarat Urja Vikas Nigam Limited (GUVNL). This project is one of the first major standalone BESS projects in India, and its success is expected to pave the way for wider adoption of this technology.
The project will utilize a tariff-based bidding model, with Gensol providing on-demand energy storage capacity to Gujarat's power distribution companies during peak and off-peak hours. The system will deliver 70 MW/140 MWh of energy for two charge/discharge cycles daily, contributing Rs 450 crore to Gensol's revenue over the contract period.
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Gensol's win highlights their expertise in Engineering, Procurement, and Construction (EPC) services and their commitment to integrating advanced energy storage solutions. The company will provide state-of-the-art technology that meets stringent performance requirements. The company has also delivered multibagger returns of about 4,500 per cent in the last three years. FIIs and DIIs increased their stake in the company in December 2023 respectively.
Gensol Engineering Limited offers engineering, procurement, and construction (EPC) services for the development of solar power plants. Expanding its operations, Gensol has also established a cutting-edge electric vehicle (EV) manufacturing facility in Pune, India, for the development and production of electric three-wheelers and four-wheelers. Mukul Agrawal has 1.51 per cent stake in the company.
Disclaimer: The article is for informational purposes only and not investment advice.
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