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Home » News » Hinduja Renewables secures 140MW solar project in GUVNL bid, eyes potential 280MW expansion

Hinduja Renewables secures 140MW solar project in GUVNL bid, eyes potential 280MW expansion

December 28, 2023 1:47 pm

Hinduja Renewables secures 140MW solar project in GUVNL bid, eyes potential 280MW expansion
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Strategic victory in solar tender phase – XXII positions Hinduja as a leading contributor to renewables.

In a fiercely competitive bidding process, Hinduja Renewables has emerged victorious in securing the rights to establish a solar power capacity of 140 megawatts (MW). The triumph came in response to a tender issued by the Gujarat Urja Vikas Nigam Limited (GUVNL), with a tariff rate set at INR 2.64 per kilowatt-hour (kWh). Notably, there exists the potential for this capacity to double, reaching 280 MW, as GUVNL holds the option to exercise the Greenshoe provision, allowing for an additional 140 MW.

This achievement is a pivotal aspect of the solar tender phase – XXII initiated by GUVNL, specifically designed for the selection of solar power developers tasked with establishing 500 MW Solar Power Projects across various locations in India. In this particular tender, Hinduja Renewables stands out as one of the four successful developers, marking their distinction among a pool of participants that included leading independent power producers (IPPs).

The recognition of Hinduja Renewables as a winner underscores the company’s strategic prowess and competitive edge in navigating the intricacies of the solar power sector. The meticulous bidding process, marked by robust competition, saw Hinduja Renewables emerge as a frontrunner, solidifying its position in the dynamic landscape of solar power development.

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.”

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