Hinduja Renewables & SJVN Among Winners in GUVNL’s 500 MW Solar Tender

SJVN Gets 100 MW Solar Capacity from GUVNL via Competitive Bidding

SJVN has secured a 100 MW solar power project through e-reverse auction conducted by Gujarat Urja Vikas Nigam Limited (GUVNL). The firm bagged the quoted capacity of 100 MW solar project at the tariff of ₹2.63/unit on Build Own and Operate basis through a tariff based competitive bidding process of GUVNL.

Hinduja Renewables has won a bid to set up 140 MW solar power capacity in the tender issued by GUVNL at a tariff rate of INR 2.64/kWh. This has a potential to increase to 280 MW as GUVNL may allow additional capacity 140 MW by exercising the Greenshoe option.

The award is part of the Solar Tender Phase -XXII issued by GUVNL for selection of solar power developers for setting up 500 MW solar power projects anywhere in India. Hinduja Renewables was one of the four winning developers under this tender which saw a participation from leading IPPs.

Commenting on the achievement, Sumit Pandey, CEO of Hinduja Renewables, stated, “This is a welcome addition to the recent tenders we have won this year across different central and state tenders such as NHPC and GUVNL. With this achievement, Hinduja Renewables will operate with a capacity of 1.5+ GW in the country in the coming few years. Hinduja Renewables is well on its way to creating a multi-GW suite of power capacity.”

The 100 MW solar ground mounted project shall be developed by the firm’s wholly owned subsidiary, that is, SJVN Green Energy Limited (SGEL) at a tentative cost of ₹550 crore. The project shall be developed anywhere in India and is expected to be commissioned within 18 months from the date of signing of the Power Purchase Agreement (PPA). The PPA shall be signed between SGEL and GUVNL for a period of 25 years.

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The 100 MW solar project is expected to generate about 252 million units in its first year of commissioning and the cumulative energy generation over a period of 25 years would be about 5,866 million units. Further, the commissioning of this solar project is anticipated to reduce 2,87,434 tonnes of carbon emissions.

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With the addition of this project, SJVN’s solar and wind portfolio stands at 5,090.5 MW out of
which 179.5 MW is under operation, 1,860 MW is under construction and 3,051 MW is under
various stages of implementation. The firm has set sights on achieving 12,000 MW by 2026 and has the shared vision of 25,000 MW by 2030 and installed capacity worth 50,000 MW by 2040.

SJVN recently signed a PPA with SECI for a 200 MW wind project. The firm has also released several tenders of late, including 1500 MW ISTS connected solar projects.