Order Win
KPI Green Energy Secures 120 MW / 240 MWh BESS Project from GUVNL
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KPI Green Energy Limited announced that its subsidiary, Sun Drops Energia Limited, has executed a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) for development of a 120 MW / 240 MWh standalone Battery Energy Storage System (BESS) project in Gujarat. The agreement strengthens the company’s growing utility-scale energy storage portfolio.
PRICE-SENSITIVE TRIGGER
Event: Execution of BESPA for standalone Battery Energy Storage System project
Type: Order Win
Impact: Positive
Immediate Effect: The agreement expands KPI Green Energy’s cumulative standalone BESS portfolio to 565 MW / 1,130 MWh and strengthens its position in the utility-scale energy storage segment.
Key Metrics:
- Project Capacity: 120 MW / 240 MWh
- Cumulative BESS Portfolio: 565 MW / 1,130 MWh
- Project Locations: Gariyadhar AIS Substation and Otha AIS Substation, Gujarat
- Tender Phase: GUVNL Phase-VIII
Highlight Metric:
- KPI Green Energy’s group-level executed standalone BESS portfolio has increased to 565 MW / 1,130 MWh after the latest agreement.
What Happened ?
KPI Green Energy Limited informed exchanges that its subsidiary, Sun Drops Energia Limited, has signed a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam Limited (GUVNL).
The agreement is for development of a self-owned Independent Power Producer (IPP) standalone Battery Energy Storage System (BESS) project with a total capacity of 120 MW / 240 MWh.
The project has been awarded under GUVNL Phase-VIII and is supported through Viability Gap Funding (VGF) via the Power System Development Fund (PSDF).
The company stated that the project will be developed at Gariyadhar AIS Substation and Otha AIS Substation in Gujarat.
Key Details
Project Overview:
- BESPA signed with Gujarat Urja Vikas Nigam Limited (GUVNL).
- Project involves development of a standalone Battery Energy Storage System (BESS).
- Total project capacity stands at 120 MW / 240 MWh.
- The project falls under GUVNL Phase-VIII tender process.
Execution & Operations”:
- Sun Drops Energia Limited will develop, own and operate the BESS project.
- Battery storage capacity will be made available to GUVNL on a long-term basis.
- Project execution will be carried out as per BESPA schedule and agreed project timelines.
Strategic Importance:
- The agreement follows an earlier executed 445 MW / 890 MWh BESPA with GUVNL.
- The latest project increases the group’s cumulative standalone BESS portfolio to 565 MW / 1,130 MWh.
- The company continues to expand its footprint in utility-scale renewable energy infrastructure and storage solutions.
Note:
- The project is supported by Viability Gap Funding (VGF), which improves project viability and sector scalability.
Risk Analysis
Key Risks:
- Delay in project commissioning or infrastructure readiness.
- Regulatory or policy changes affecting BESS economics.
- Technology integration and grid synchronization challenges.
- Long-term profitability depends on operational efficiency and storage utilization.
Worst Case Scenario:
- Any major delay in execution, policy support withdrawal, or operational underperformance could affect project returns and future storage expansion plans.
Risk Level: Medium
Company Commentary
- KPI Green Energy’s subsidiary executed the BESPA with GUVNL for a 120 MW / 240 MWh BESS project.
- The project is part of GUVNL Phase-VIII tender supported through VGF under PSDF.
- The company stated that the agreement marks another milestone in expanding its utility-scale BESS portfolio.
- KPI Green Energy highlighted that the transaction strengthens its presence in emerging renewable energy infrastructure opportunities.
Official Exchange Filing: KPI Green Energy Limited