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January 9, 2025

Advait Energy Transitions shares in focus after receiving LoI for 50 MW battery energy storage project in Gujarat

Synopsis

Advait Energy Transitions will be in the spotlight as it receives a LoI from Gujarat Urja Vikas Nigam Ltd for a 50 MW segment of the 500 MW Standalone Battery Energy Storage System project. This project is part of GUVNL’s Phase-IV, supported by Viability Gap Funding.

Advait Energy Transitions shares will remain in focus on Thursday following the company’s announcement of receiving a Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Ltd (GUVNL) for a 50 MW/500 MWh segment of the 500 MW/1000 MWh Standalone Battery Energy Storage System (BESS) project in Gujarat.

“We wish to inform you that Advait Infratech Limited (the company) has received Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Ltd for 50 MW/500 MWH out of the project for setting up of 500 MW/1000 MWh Standalone Battery Energy Storage Systems in Gujarat under Tariff-Based Global Competitive Bidding (Phase-IV) with Viability Gap Funding Support,” Advait Energy Transitions said in an exchange filing.

The project is part of GUVNL’s Tariff-Based Global Competitive Bidding (Phase-IV), supported by Viability Gap Funding. Advait will develop the 50 MW capacity as a standalone BESS to enhance energy storage capabilities in Gujarat’s power grid. The 50 MW BESS component is scheduled for completion within an 18-month timeframe.

Additionally, the company secured an order for the supply, installation, testing, and commissioning of the conversion of lines with DOG Conductor into equivalent HTLS Conductor for the Surendranagar Circle, covering the 66KV Dhrangadhra (220KV) – Dhrangadhra Line and the 66KV Viramgam – KANZ Line.