Mahindra Susten Signs PPA with GUVNL at INR 2.7250 INR / KWh for 200 MW Solar Project

Mahindra Susten Signs PPA with GUVNL at INR 2.7250 INR / KWh for 200 MW Solar Project

Mahindra Susten has entered into a Power Purchase Agreement (PPA) with GUVNL (Gujarat Urja Vikas Nigam Limited). The tender was issued by GUVNL for 500 MW Phase XIX ISTS project, while Mahindra Susten won project size of 100 MW with 100 MW greenshoe capacity. The total capacity won by the firm is 200 MW. The PPA tariff for the PPA is INR 2.7250 INR / KWh.

The project has been awarded by GUVNL through competitive bidding, followed by an e-reverse auction. Post tariff adoption approval from GERC, the PPA is for a period of 25 years. The project is scheduled is slated for completion within 18 months. Upon commissoning, the project is estimated to generate approximately 450 million green units annually from the first year onwards. Over 6 billion cumulative green units will be generated in 25 years.

Mahindra Susten already possesses an operational portfolio of more than 1.54 GWp renewable IPP projects across India, spanning five states. This is the firm’s second project in the state of Gujarat, following the first 84.50 MWdc project commissioned in May 2017.

Deepak Thakur, MD & CEO of Mahindra Susten, said, “We are delighted to sign the PPA for this prestigious project with GUVNL, especially post our strategic investor Ontario Teachers’​ Pension Plan (Ontario Teachers’) on boarding. Mahindra Susten and Ontario Teachers’ are committed to expand our portfolio 5X in the coming years as part of our  business vision. We aim to focus on developing projects centered around solar energy, hybrid energy, and integrated energy storage. Our commitment to re-imagining clean energy is evident through our emphasis on quality, innovation, and cutting-edge technological design.”

In May, Mahindra Susten had won the capacity of 200 MW at a quoted tariff of INR 2.61 per kWh for RUVNL’s 1 GW tender.