Kintech Synergy, H.G Infra Engineering, Bhilwara Energy (LNJ Bhilwara Group), and Advait Infratech emerged victorious in Gujarat Urja Vikas Nigam Limited’s (GUVNL) Phase IV standalone Battery Energy Storage Systems (BESS) auction.

This project was awarded following the introduction of Viability Gap Funding (VGF) support and an increase in capacity to 500 MW/1000 MWh from the initial 400 MW/800 MWh tender issued in October 2024.

H.G Infra Engineering secured 250 MW with a quoted tariff of Rs 225,985 ($2670.59) per MW per month. Kintech Synergy and Bhilwara Energy each secured 100 MW at tariffs of Rs 225,985 ($2670.59) and Rs 225,993 ($2670.68) per MW per month, respectively. Advait Infratech won 50 MW at a tariff of Rs 226,000 ($2670.76) per MW per month.

Under the revised tender, VGF is capped at Rs 2.7 million ($32,114) per MWh, or 30% of the project's capital cost, whichever is lower. Developers are required to submit a certificate verifying the capital cost within six months of the project's Commercial Operation Date (COD).

VGF disbursements will be made in five tranches: 10% at financial closure, 45% at COD, and the remaining 45% over the next three years, subject to certification by the Central Electricity Authority.