New Delhi: Hinduja Renewables, the green energy arm of the Hinduja Group, has won a bid to set up 140 MW of solar power capacity in a tender issued by Gujarat Urja Vikas Nigam Limited (GUVNL) at a tariff rate of Rs 2.64 per kWh.
This has the potential to increase to 280 MW as GUVNL may allow additional capacity 140 MW by exercising the Greenshoe option, Hinduja Renewables said in a statement here today.
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 4 winning developers under this tender which saw a participation from leading IPPs.
Commenting on the development, CEO of Hinduja Renewables Sumit Pandey said, “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.”
He said Hinduja Renewables is well on its way to creating a multi-GW suite of power capacity.
Hinduja Renewables, part of the Hinduja Group, is an independent renewable power producer with a vision to be a leader in the sustainable energy ecosystem, through value-creating partnerships and innovative business models.
As of today, it operates a portfolio of solar power plants spread across the country and aims to grow to a multi-GW capacity in the next few years.
GUVNL is the state-owned electricity regulation board of Gujarat.
