A significant financial investment of Rs 846.66 crore is on the horizon with a new project. This substantial initiative promises significant advancements in the sector and is expected to be completed within 15 months of executing the Power Purchase Agreement (PPA).
On Friday, state-owned NHPC and energy solutions provider ENGIE joined hands in a collaborative effort, signing power purchase agreements (PPAs) with Gujarat Urja Vikas Nigam Ltd (GUVNL) announce the signing of Power Purchase Agreements (PPAs) with Gujarat Urja Vikas Nigam Ltd (GUVNL) for two 200 MW solar projects in Gujarat. The projects will be developed within Gujarat State Electricity Corporation’s renewable energy park at Khavda.
The projects will be developed within Gujarat State Electricity Corporation’s renewable energy park at Khavda. Their estimated financial impact is Rs 846.66 crore, and they are set to be completed within 15 months of executing the PPAs.
This collaboration, aimed at advancing Gujarat’s renewable energy capacity, underscores the shared goal of supporting the state’s sustainability goals. This move aligns with NHPC’s strategic objectives to expand its renewable energy portfolio and contribute to India’s green energy initiatives.
The bidding process, which began on February 2, 2024, was highly competitive, and ENGIE emerged victorious by securing the project at a competitive tariff of Rs 2.62 per unit.
ENGIE’s continued investment in solar projects underlines its commitment to expanding renewable energy infrastructure in India.
These agreements signify a significant step forward in Gujarat’s renewable energy landscape, supporting India’s broader goals for sustainable and clean energy solutions. NHPC and ENGIE demonstrate their dedication to advancing the country’s energy transition by investing in large-scale solar power projects.
