Prostarm Info Systems Limited has been declared as L-1 bidder by Karnataka Power Transmission Corporation Limited
PROSTARM · price
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Prostarm Info Systems has been declared the L-1 (lowest) bidder by Karnataka Power Transmission Corporation Limited (KPTCL), a state government entity, for setting up a 150 MW/300 MWh Standalone Battery Energy Storage System at the 400kV Doni Substation in Gadag District, Karnataka. The project will be executed on a Build Own Operate basis for 12 years under a Tariff Based Competitive Bidding process. The company will earn a rental of Rs. 2.54 lakh per MW per month, translating to roughly Rs. 45.72 crore per year (or about Rs. 548 crore over the 12-year period). Additionally, Prostarm will receive Viability Gap Funding (VGF) of Rs. 27 lakh per MWh or 30% of capital cost, whichever is lower. The order is domestic and there are no related-party concerns.
This is a significant order win from a government client in the fast-growing battery energy storage space, providing long-term recurring revenue visibility over 12 years and boosting the company's order book. Positive sentiment expected for the stock given entry into the energy storage segment with a major state PSU.