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					</table><p>The solar arm of KP Group, <a href="https://www.sundropsenergia.com/" target="_blank" rel="noopener">Sun Drops Energia</a>, will acquire up to 100% of the equity shares in renewable energy solutions provider DEK and Mavericks Green Energy (<a href="https://dmgel.com/" target="_blank" rel="noopener">DMGEL</a>) at a valuation of ₹558 million (~$5.83 million).</p>
<p>Sun Drops Energia will acquire up to 17.08 million equity shares of DMGEL at ₹32.66 (~$0.34) per share.</p>
<p>DMGEL will become a step-down subsidiary of Sun Drops Energia&#8217;s parent company, Surat-based renewable energy solutions company <a href="https://www.kpigreenenergy.com/" target="_blank" rel="noopener">KPI Green Energy</a>.</p>
<p>The company said the acquisition is expected to be completed by September 30, 2026, subject to shareholder approval and applicable compliances.</p>
<p>DMGEL provides engineering, procurement, construction, and project development solutions for renewable energy companies. Its services focus primarily on the solar energy sector, including utility-scale ground-mounted solar, commercial and industrial rooftop solar, hybrid power solutions, battery energy storage systems, transmission infrastructure, and operation and maintenance services.</p>
<p>In financial year (FY) 2025-26, DMGEL clocked a turnover of ₹2.14 billion (~$22.38 million) and ₹1.5 billion (~$15.69 million) in FY 2024-25.</p>
<p>In August, Sun Drops Energia <a href="https://www.mercomindia.com/guvnl-announces-winners-of-450-mw-900-mwh-battery-storage-auction" target="_blank" rel="noopener">was</a> among the winners of Gujarat Urja Vikas Nigam’s (GUVNL) auction to set up 450 MW/900 MWh of battery energy storage systems in the state, with viability gap funding from the power system development fund. The company secured 175 MW/350 MWh of the quoted 410 MW/820 MWh capacity at a tariff of ₹231,990 (~$2,431.51)/MW/month under the bucket-filling method.</p>
<p>In March, KPI Green Energy <a href="https://www.mercomindia.com/kpi-green-secures-%E2%82%B99-79-billion-loan-for-150-mw-wind-project-in-gujarat" target="_blank" rel="noopener">secured</a> ₹9.79 billion (~$105.99 million) funding from Canara Bank to develop a 150 MW wind power project in Gujarat. The amount comprised a ₹9.31 billion (~$100.81 million) term loan and a ₹480 million (~$5.19 million) bank guarantee facility.</p>
<p>The project is backed by a 25-year power purchase agreement with GUVNL, ensuring revenue visibility and stability. The total project cost is estimated at ₹12.41 billion (~$134.36 million), to be financed in a debt–equity ratio of 75:25, with the sanctioned term loan constituting the debt portion.</p>


Sun Drops to Acquire Renewable EPC Firm DMGEL for ₹558 million


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					</table><p>Gujarat Urja Vikas Nigam (<a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a>) has announced the winners of the auction to set up 450 MW/900 MWh of battery energy storage systems in the state, with viability gap funding from the power system development fund (Phase-IX).</p>
<p><a href="https://www.nlcindia.in/website/en/corebusiness/renewableprojects.html" target="_blank" rel="noopener">NLC India Renewables</a> won 275 MW/550 MWh at a tariff of ₹231,989 (~$2,431.50)/MW/month. <a href="https://www.sundropsenergia.com/" target="_blank" rel="noopener">Sun Drops Energia</a> (KP Group) secured 175 MW/350 MWh of the quoted 410 MW/820 MWh capacity at a tariff of ₹231,990 (~$2,431.51)/MW/month under the bucket-filling method.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/GUVNL-900-MWh-Bateery-Storage-Auction-Updated.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-102935 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/GUVNL-900-MWh-Bateery-Storage-Auction-Updated.png" alt="GUVNL 900 MWh Battery Storage Auction Updated" width="642" height="232" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/GUVNL-900-MWh-Bateery-Storage-Auction-Updated.png 642w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/GUVNL-900-MWh-Bateery-Storage-Auction-Updated-300x108.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/GUVNL-900-MWh-Bateery-Storage-Auction-Updated-624x225.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/08/GUVNL-900-MWh-Bateery-Storage-Auction-Updated-600x217.png 600w" sizes="auto, (max-width: 642px) 100vw, 642px" /></a>The tender was <a href="https://www.mercomindia.com/gujarat-tenders-900-mwh-battery-energy-storage-projects" target="_blank" rel="noopener">floated</a> in June this year.</p>
<p>The projects must be commissioned within 18 months.</p>
<p>Apart from setting up the battery systems, the successful bidders will be responsible for making the energy storage project available for on-demand charging and discharging. They will provide operation and maintenance services for 12 years.</p>
<p>The successful bidders must provide interconnection for battery energy storage systems with the state transmission network.</p>
<p>Only commercially established and operational technologies must be used, and the selected bidders must use at least 20% of local content in the battery storage systems.</p>
<p>The battery storage system must maintain a minimum annual availability of 95% and an AC-to-AC round-trip efficiency level of 85%.</p>
<p>The auction winners must obtain a separate, metered connection for the auxiliary power load of the battery energy storage systems. Alternatively, the battery storage systems can draw auxiliary power from the interconnection point.</p>
<p>The projects’ energy management system software must be developed in India, meet the industry quality standards, and not use refurbished battery cells.</p>
<p>If the project is delayed beyond the scheduled commissioning date, GUVNL will encash the PBG on a per-day basis for the uncommissioned capacity. Delays beyond nine months can lead to a reduction in capacity, full encashment of the Performance Bank Guarantee, and termination of the remaining capacity. The developers must also pay damages for availability or efficiency shortfalls and bear penalties under the deviation settlement mechanism.</p>
<p>This May, the Gujarat Electricity Regulatory Commission (GERC) <a href="https://www.mercomindia.com/gerc-approves-tariffs-for-335-mw-670-mwh-energy-storage-projects" target="_blank" rel="noopener">approved</a> tariffs ranging from ₹210,000 (~$2,179.66)/MW/month to ₹212,000 (~$2,200.42)/MW/month for GUVNL’s procurement of 335 MW/670 MWh energy storage capacity.</p>
<p>In February, Advait Energy Transitions, Equentia Natural Resources DMCC, and Sun Drops Energia (KP Group) <a href="https://www.mercomindia.com/advait-energy-equentia-sun-drops-win-guvnls-670-mwh-bess-auction" target="_blank" rel="noopener">won</a> GUVNL’s auction to set up 335 MW/670 MWh of standalone battery energy storage systems in Gujarat (Phase VIII).</p>


GUVNL Announces Winners of 450 MW/900 MWh Battery Storage Auction


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					</table><p><a href="https://www.advaitgroup.co.in/" target="_blank" rel="noopener">Advait Energy Transitions</a>, <a href="https://www.enrsingapore.com/" target="_blank" rel="noopener">Equentia Natural Resources DMCC</a>, and <a href="https://www.sundropsenergia.com/" target="_blank" rel="noopener">Sun Drops Energia</a> (KP Group) won Gujarat Urja Vikas Nigam’s (<a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a>) auction to set up 335 MW/670 MWh of standalone battery energy storage systems (BESS) in Gujarat (Phase VIII).</p>
<p>Advait Energy Transitions won 150 MW/300 MWh at a tariff of ₹210,000 (~$2,319.67)/MW/month, and Equentia Natural Resources won 65 MW/130 MWh at a tariff of ₹211,999 (~2,341.75)/MW/month.</p>
<p>Sun Drops Energia secured 120 MW/240 MWh under the bucket-filling method, at a tariff of ₹212,000 (~$2,341.77)/MW/month.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/GUVNL-auction.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-90384 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/GUVNL-auction.jpg" alt="" width="732" height="331" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/GUVNL-auction.jpg 732w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/GUVNL-auction-300x136.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/GUVNL-auction-650x294.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/GUVNL-auction-624x282.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/02/GUVNL-auction-600x271.jpg 600w" sizes="auto, (max-width: 732px) 100vw, 732px" /></a></p>
<p>The tender was <a href="https://www.mercomindia.com/guvnl-issues-335-mw-670-mwh-standalone-bess-tender" target="_blank" rel="noopener">floated</a> in December 2025.</p>
<p>The scope of work includes the design, financing, supply, installation, testing, commissioning, operation, and maintenance of the BESS.</p>
<p>It also entails ensuring the BESS is available to GUVNL for charging/discharging on a demand basis. The BESS must be designed for 2 cycles of charging and discharging.</p>
<p>The BESS will be charged by drawing power from Gujarat Energy Transmission Corporation (GETCO) and injecting it into the GETCO network, as per instructions from the state load dispatch center.</p>
<p>Projects must be located at or near GETCO’s intrastate transmission system substations.</p>
<p>The successful bidders must identify and arrange land for the project. Interconnection is required at a minimum voltage of 66 kV, as stipulated by GETCO.</p>
<p>The projects will receive viability gap funding (VGF) of ₹1.8 million (~$21,687)/MWh of awarded capacity, under the Power System Development Fund.</p>
<p>Winners will sign a battery energy storage purchase agreement (BESPA) for 12 years from full commissioning. The projects must be commissioned within 18 months from the BESPA’s effective date.</p>
<p>Projects must use a minimum local content requirement of 20% of the total project cost.</p>
<p>The BESS must guarantee a minimum system availability of 95% annually and an AC-to-AC round-trip efficiency of 85% each month.</p>
<p>The software for the BESS&#8217;s energy management system must be developed in India.</p>
<p>Last year, Sun Drops Energia, ENGIE Energy, Mecpower Solutions, Samavist Energy Solutions, Stockwell Solar Services, Solar 91 Cleantech, Viviana Power Tech, Rajesh Power Services, and Ultimate Flexipack <a href="https://www.mercomindia.com/sun-drops-engie-among-winners-of-gujarat-discoms-4-gwh-bess-auction" target="_blank" rel="noopener">won</a> GUVNL’s auction to develop 2,000 MW/4,000 MWh of standalone BESS across Gujarat (Phase VII).</p>


Advait Energy, Equentia, Sun Drops Win GUVNL’s 670 MWh BESS Auction

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