Intimation of Press Release pursuant to Regulation 30 of SEBI (LODR),2015.
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Rajesh Power Services Ltd's wholly-owned subsidiary, Rajesh Power Projects Private Limited, has signed a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam Limited (GUVNL), a state government utility. The deal covers a 65 MW / 130 MWh standalone battery energy storage system (BESS) project at Virpore, Gujarat, capable of supplying power for up to two hours. The 12-year agreement runs from the date of commissioning at a fixed tariff of ₹1.89 lakh per MW per month, with the project expected to be commissioned within 18 months. The project was secured earlier this year through tariff-based competitive bidding under GUVNL's Standalone BESS Phase VII, supported by Viability Gap Funding. This marks Rajesh Power's formal entry into the utility-scale battery energy storage segment, expanding beyond its core power transmission and distribution EPC business.
This is a significant new order from a state government utility that opens a new revenue stream in the fast-growing battery storage space, which could be positive for the stock. At ~₹14.7 crore per year in contracted revenue over 12 years (~₹176+ crore total), the project strengthens the company's order book and diversification story, though execution risk remains over the 18-month commissioning timeline.