Hinduja Renewables, Hinduja Group’s green energy arm, has won a 140-MW solar power project through a tender issued by Gujarat Urja Vikas Nigam (GUVNL).
This tender, part of the Solar Tender Phase-XXII, was issued by GUVNL to select developers inviting bids to set up 500 MW solar power projects in India. It was issued at a tariff rate of Rs 2.64 per kilowatt-hour, the company said in a statement.
Further, the contract has the potential to double it to 280 MW as GUVNL, Gujarat’s state electricity regulation board, may permit setting up of additional 140 MW capacity through a greenshoe option, it said.
“With this achievement, Hinduja Renewables will operate with a capacity of more than 1.5 GW in the country in the coming few years. It is well on its way to creating a multi-GW suite of power capacity,” Hinduja Renewables CEO Sumit Pandey said.
Hinduja Renewables was one of the four winning developers under the tender, which saw participation from leading independent power producers.