Adani Energy Solutions clarified reports regarding Adani Group’s battery energy storage systems (BESS) development. Currently, AGEL will implement Adani’s first BESS project with a capacity of 1,126 MW / 3,530 MWh. Other group companies may contribute expertise and value to AGEL’s 50 GW renewable energy roadmap by 2030. The company stated that disclosures will be made as disclosable events occur.
BESS Project Overview
Adani Energy Solutions addressed recent news regarding Adani’s plans for battery storage in Gujarat. The company clarified that Battery Energy Storage Systems (BESS) are being developed under the Adani Group’s integrated utility platform, involving Adani Green Energy Limited (AGEL), Adani Energy Solutions Limited (AESL), and Adani Power Limited (APL).
AGEL’s Initial Project
Currently, AGEL is set to implement Adani’s first BESS project, which will have a capacity of 1,126 MW / 3,530 MWh. As of now, the company stated that this project does not trigger any immediate disclosure requirements under applicable regulations.
Future Contributions
Adani Group will consider opportunities for Adani Energy Solutions and APL to contribute their expertise and add value to the initiative, especially as it relates to AGEL’s 50 GW renewable energy roadmap targeted for 2030. The specific roles of each entity will be detailed in future disclosures related to upcoming BESS projects, as and when the disclosure requirements are triggered.
Market Impact
The company also clarified that any movement in its share price is purely due to market conditions and factors, and the management neither has control nor any specific knowledge regarding the reasons for such movements in volume and price.
Source: BSE