KPI signs 120 MW/240 MWh BESPA with GUVNL

KPI Green Energy’s battery-storage expansion in Gujarat is running through two distinct tracks, and the 120 MW/240 MWh figure cited in social posts appears to refer to an auction award rather than a newly disclosed purchase agreement. KPI Green Energy said on March 7 that its subsidiary, Sun Drops Energia Limited, executed a Battery Energy Storage Purchase Agreement, or BESPA, with Gujarat Urja Vikas Nigam Limited for 445 MW/890 MWh of standalone battery energy storage projects in Gujarat. (bseindia.com) KPI’s May 6 investor presentation later said the company had received BESS orders totaling 565 MW/1,130 MWh. (mercomindia.com) (multibagg.ai) ### So did KPI just sign a 120 MW/240 MWh BESPA? The March 7 stock-exchange filing names a BESPA for 445 MW/890 MWh, not 120 MW/240 MWh. KPI Green Energy told BSE and NSE that Sun Drops Energia had executed the agreement with GUVNL after receiving a January 3 letter of intent for those projects. The 120 MW/240 MWh project shows up in GUVNL’s Phase VIII auction results published by Mercom India on February 12. That report said Sun Drops Energia secured 120 MW/240 MWh under the bucket-filling method. (bseindia.com) ### Where does the 565 MW/1,130 MWh total come from? KPI’s May 2026 investor materials said the company had received BESS orders totaling 565 MW/1,130 MWh. That total matches the sum of the 445 MW/890 MWh BESPA-backed project and the separate 120 MW/240 MWh auction award. The arithmetic points to a portfolio figure rather than a single contract announcement. (bseindia.com) Based on the filings and auction report, the 565 MW/1,130 MWh total combines one executed BESPA and one additional awarded project. ### What exactly did the March 7 agreement cover? (mercomindia.com) Sun Drops Energia will develop, own and operate standalone BESS projects with aggregate capacity of 445 MW/890 MWh at multiple locations in Gujarat, KPI said in its filing. The company said the contracted storage capacity would be made available to GUVNL on a long-term basis. (multibagg.ai) The same filing said the BESPA was executed under GUVNL’s tariff-based competitive bidding process for standalone BESS capacity under Phase VII, with viability gap funding support through India’s Power System Development Fund. (bseindia.com) ### What are the terms around the 120 MW/240 MWh award? Mercom India reported that Sun Drops Energia’s 120 MW/240 MWh Phase VIII award carried a tariff of 212,000 rupees per MW per month. The report said the project was part of a 335 MW/670 MWh GUVNL auction floated in December 2025. (bseindia.com) The same report said winners would sign a BESPA for 12 years from full commissioning and commission the projects within 18 months from the agreement’s effective date. It also said the systems must be designed for two charging and discharging cycles and located at or near Gujarat Energy Transmission Corporation substations. (bseindia.com) ### What happens next? The next formal milestone is an executed BESPA for the 120 MW/240 MWh Phase VIII award, if Sun Drops and GUVNL complete contracting on the auctioned capacity. KPI’s March 7 filing already moved the 445 MW/890 MWh Phase VII portfolio into the implementation phase, while the company’s May 6 investor presentation listed the combined BESS order book at 565 MW/1,130 MWh. (mercomindia.com) (bseindia.com)