JUNE 20248TOP STORIESGENSOL ENGINEERING SECURES ANOTHER BESS PROJECT FROM GUVNLINDIA'S NBFC SECTOR RANKED AFTER USA & UK: SBI REPORTSGensol Designing added that it has secured an extra 250 MW/500 MW Battery Energy Storage System Project (BESS) from GUVNL, taking its order book to Rs 3,100 crore in the sector. Gujarat Urja Vikas Nigam (GUVNL) had prior granted the organization a BESS project in a comparable limit."It has been allotted the greenshoe option of 250 MW/500 MWh by GUVNL to reach the 500 MW/1000 MWh BESS project. This takes its total BESS order book to over Rs 3,100 crore," Gensol Engineering said in an exchange filing.The 500 MW/1,000 MW energy storage system means that 500 MW of battery power can provide power backup for more than an hour, resulting in a 1,000 MW total output. It added that the project, which includes the first and second tranches, will bring in Rs 2,685 crore in revenue over the 12-year Battery Energy Storage Purchase Agreement (BESPA) period.It will supply Gujarat state's discoms with electricity "On-Demand" during peak and off-peak hours, fulfilling Energy Storage Purchase Obligations and enhancing grid resilience by extending renewable energy availability beyond solar hours.The undertaking, once commissioned at two Gujarat Energy Transmission Company (GETCO) substations, will convey 500 MW/1000 MWh energy for two charge/release cycles each day. Gensol Designing is a main player in the renewable energy sector, gaining practical experience in solar power engineering, procurement and construction (EPC) administrations, alongside electric mobility solutions. India's non-banking financial sector has ascended to become the third largest in the world, following only the United States and the United Kingdom, according to a recent report by the State Bank of India (SBI). This surge underscores India's financial sector's growing strength and resilience, which has shown remarkable adaptability in the face of various economic challenges over the past decade.Unlike traditional banks, non-banking financial institutions (NBFIs) do not hold full banking licenses and are restricted from accepting public deposits. Instead, they focus on providing loans to consumers and businesses, pivotal in fueling economic growth. The report highlights that the Indian banking system's ability to overcome domestic and international economic challenges has been crucial to this sector's growth.Key factors contributing to this success include improvements in asset quality and robust macroeconomic fundamentals. The Indian government and regulatory authorities have implemented numerous initiatives to create a level playing field for financial institutions. These efforts include merging banks to form stronger entities, infusing capital, enhancing governance practices, and broadening the reach and quality of financial services. The expansion of digital banking has also significantly contributed to the sector's growth.The SBI report further emphasizes that recent advancements in India's digital banking landscape have been instrumental in the sector's expansion. The transition to digital platforms has significantly broadened access to financial services, making them more inclusive and efficient. This digital shift has been supported by the government's commitment to customer protection, ensuring that public interests are safeguarded amid the sector's rapid digital transformation.
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