Advait Energy Transitions Ltd on Wednesday (January 8) announced the receipt of a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Ltd (GUVNL) for a 50 MW/500 MWh segment of the 500 MW/1000 MWh Standalone Battery Energy Storage System (BESS) project in Gujarat.

“…we wish to inform you that Advait Infratech Limited (the company) has received Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Ltd for 50 MW/500 MWH out of the project for setting up of 500 MW/1000 MWh Standalone Battery Energy Storage Systems in Gujarat under Tariff-Based Global Competitive Bidding (Phase-IV) with Viability Gap Funding Support,” Advait Energy Transitions said in a regulatory filing.

The project is part of GUVNL’s Tariff-Based Global Competitive Bidding (Phase-IV), supported by Viability Gap Funding. Advait will develop the 50 MW capacity as a standalone BESS to enhance energy storage capabilities in Gujarat’s power grid. The 50 MW BESS component is scheduled for completion within an 18-month timeframe.

Shares of Advait Energy Transitions Ltd ended at ₹1,542.00, up by ₹14.75, or 0.97% on the BSE.