Mumbai : KPI Green Energy Limited has announced that its subsidiary, Sun Drops Energia Limited, has signed a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) to develop large-scale battery energy storage projects in the state of Gujarat.
The announcement was made through a regulatory filing with both BSE Limited and the National Stock Exchange of India Limited.
Large Energy Storage Capacity Planned
Under the agreement, Sun Drops Energia will develop, own, and operate standalone Battery Energy Storage System (BESS) projects with a combined capacity of 445 MW / 890 MWh at multiple locations across Gujarat.
The company will supply the contracted battery energy storage capacity to GUVNL under a long-term arrangement, supporting the state’s growing renewable energy infrastructure.
Project Awarded Through Competitive Bidding
The contract was awarded after a tariff-based competitive bidding process conducted by GUVNL for the procurement of standalone battery storage capacity under Phase VII.
The initiative is backed by Viability Gap Funding (VGF) from the Power System Development Fund (PSDF), a government mechanism designed to encourage the development of large-scale energy storage projects.
Entry into Utility-Scale Energy Storage
Company officials said the signing of the BESPA marks an important milestone as KPI Green Energy moves into the implementation phase of its first utility-scale Independent Power Producer (IPP) battery energy storage project.
The project is expected to strengthen the company’s presence in the rapidly expanding renewable energy and energy storage sector, which plays a key role in stabilizing power supply from solar and wind energy sources.
Shares of KPI Green Energy are listed on Indian stock exchanges under the trading symbol KPIGREEN.