GIPCL Gets 600 MW LOI for Khavda Solar Project from GUVNL

Gujarat Urja Vikas Nigam Limited (GUVNL) has issued a Letter of Intent, dated May 16, 2023 to Gujarat Industries Power Company Limited  (GIPCL), received on May 20, 2023 for 600 MW capacity solar photovoltaic power projects at Khavda. Pursuant to the LOI, GIPCL is required to sign a PPA with GUVNL as a part of the bid documents, subject to the adoption of tariff of GERC. The estimated financial implication for the solar power project according to GIPCL would be Rs. 3,600 Cr (approx.).

Earlier this month, GIPCL itself had issued a letter of intent to Godrej & Boyce Manufacturing Company Limited for 1200 MW pooling sub Station – 2 at solar/wind/ hybrid RE Park of 2375 MW capacity at Khavda, Great Rann of Kutch, Gujarat under single EPC basis. GIPCL is developing a 2375 MW renewable energy park at Khavda.

For GIPCL, the 600 MW solar project, once executed, could potentially more than triple its existing solar portfolio that is 262 MW, dominated by a 100 MW project at Raghanesda in Gujarat. The firm also has a wind energy portfolio of 112 MW that has been stagnant since the last commissioning in March 2017.

GIPCL is a government of Gujarat owned entity. It has been promoted by leading Gujarat PSUs, namely GSFC, GACL and GUVNL. The company is engaged in the business of electrical power generation with a present installed generation capacity of 1184.4 MW. The company has a diversified portfolio of thermal (gas and lignite), wind and solar power plant assets in the state of Gujarat.