Advait Energy Transitions Limited, a pioneer in sustainable energy solutions, has been awarded a 50 MW/100 MWh Battery Energy Storage System (BESS) project in the prestigious Phase IV auction conducted by Gujarat Urja Vikas Nigam Ltd. (GUVNL). This achievement reinforces the company’s commitment to driving India’s renewable energy ambitions and fostering a sustainable future.
The project has been allocated at a competitive tariff of ₹226,000 (~$2,670.76) per MW per month. Advait Energy Transitions Limited will implement this initiative under the Build-Own-Operate model, with GUVNL signing a long-term Battery Energy Storage Purchase Agreement to ensure procurement of storage capacity. The project is slated for completion within 18 months from the agreement’s effective date.
This state-of-the-art BESS facility will enhance grid reliability by enabling efficient integration of renewable energy sources, ensuring a balanced and resilient power supply in Gujarat. By leveraging cutting-edge energy storage technology, Advait Energy Transitions Limited aims to contribute to the state’s vision of achieving a sustainable energy ecosystem.
Viability Gap Funding (VGF) Ensures Financial Feasibility
The project is supported by a Viability Gap Funding mechanism introduced by GUVNL, capped at ₹2.7 million per MWh or 30% of the project’s capital cost, whichever is lower. The funding is designed to ensure the financial sustainability of the project and will be disbursed in five tranches, tied to critical project milestones, with certification by the Central Electricity Authority.
Shalin Sheth, Founder and Managing Director of Advait Energy Transitions Limited, remarked, “This achievement marks a pivotal milestone for AETL. Our mission to drive the transition toward a sustainable energy future is exemplified through this project, which highlights our expertise in delivering innovative and efficient energy storage solutions. We are honored to contribute to Gujarat’s renewable energy journey through this transformative initiative.”
