KPI Green Energy’s subsidiary Sun Drops Energia has signed a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam for a standalone Battery Energy Storage System (BESS) project with a capacity of 120 MW / 240 MWh.
The company informed exchanges that the agreement was signed under GUVNL’s Phase-VIII tender, which is backed by Viability Gap Funding (VGF) through the Power System Development Fund (PSDF).
BESS portfolio expands to 565 MW
With this agreement, the group’s cumulative executed standalone BESS portfolio has increased to 565 MW / 1,130 MWh. This includes the earlier executed 445 MW / 890 MWh BESPA signed with GUVNL.
Under the agreement, Sun Drops Energia will develop, own and operate the project on a self-owned Independent Power Producer (IPP) basis.
The project will come up near the 220kV Gariyadhar AIS Substation and the 220kV Otha AIS Substation in Gujarat. The Gariyadhar site will have a capacity of 65 MW / 130 MWh, while the Other site will have a capacity of 55 MW / 110 MWh.
As part of the agreement, the company will make the contracted battery energy storage capacity available to GUVNL on a long-term basis.
About KPI Green Energy
KPI Green Energy is part of KP Group, a multi-faceted conglomerate with core expertise in renewable energy, infrastructure, and innovation.
The group spearheads transformative projects in wind, solar, hybrid energy, Battery Energy Storage System (BESS) and green hydrogen, thereby contributing to India’s green energy mission.
KPI Green Energy share price
The share price of KPI Green Energy has increased 4.80% in the intraday session. The stock however, has declined 8.68% so far this year.