Power Transmission stock rises after receiving LoI for 50 MW battery energy storage project
The company would be responsible for the design, engineering, procurement, construction, and commissioning of the 50 MW/500 MWh system. The project awarded to Advait Infra has to be executed within 18 months.
Power Transmission stock rises after receiving LoI for 50 MW battery energy storage project
Advait Energy Transitions shares will remain in focus as the company has announced that it has received 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. The company's shares are trading above 1.73% on the BSE.
"We wish to inform you that Advait Infratech Limited (the company) has received a 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," as per exchange filing.
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The contract awarded to Advait Infra is part of GUVNL's larger initiative to install 500 MW/1000 MWh of standalone battery energy storage systems in Gujarat under tariff-based global competitive bidding (Phase-IV) with viability gap funding support.
The company would be responsible for the design, engineering, procurement, construction, and commissioning of the 50 MW/500 MWh system. The project awarded to Advait Infra has to be executed within 18 months.
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