Intimation of Receipt of Letter of Intent of Setting up of Project of Standalone Battery Energy Storage System (BESS) from Gujarat Urja Vikas Nigam Limited (GUVNL).
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Rajesh Power Services Ltd has received a Letter of Intent from Gujarat Urja Vikas Nigam Limited (GUVNL), a Gujarat state government entity, for setting up a 65 MW / 130 MWh Standalone Battery Energy Storage System (BESS) at Virpore in Gujarat. The project is part of GUVNL's larger 2000 MW / 4000 MWh BESS initiative under Tariff-Based Competitive Bidding (Phase-VII), with viability gap funding support from the Power System Development Fund (PSDF). The order is domestic, not a related-party transaction, and must be executed within 18 months of signing the Battery Energy Storage Purchase Agreement (BESPA). The LoI is subject to execution of BESPA and regulatory approvals.
This is a positive development for shareholders, marking the company's entry into the utility-scale battery storage space backed by a state government PSU, which strengthens its order book visibility. However, the announcement is only a Letter of Intent and the project still requires final agreements and approvals before converting into a firm order.