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KPI Green Energy Secures 50 MW in GUVNL's 500 MW Wind-Solar Hybrid Project

The tender aimed to develop 500 MW Hybrid Renewable Power Projects, with a Greenshoe Option allowing for additional capacity of up to 500 MW.

March 15, 2024. By Abha Rustagi

KPI Green Energy Limited has emerged as the successful winner in the Gujarat Urja Vikas Nigam Limited (GUVNL) tender for the development of a Wind-Solar Hybrid Power Project.

The company actively participated in the competitive bidding process initiated by GUVNL under the 'Procurement of power through competitive bidding process vide RFS No. GUVNL / 500 MW / Hybrid RE (Phase I)' issued on November 1, 2023.

Following this, a reverse e-Auction was held on January 22, 2024, as part of the tender process. The tender aimed to develop 500 MW Hybrid Renewable Power Projects, with a Greenshoe Option allowing for additional capacity of up to 500 MW.

KPI Green Energy's successful bid has resulted in the award of a Letter of Intent (LoI) for a 50 MW Wind-Solar Hybrid Power Project. This project comprises 16.80 MW of wind energy and 33.20 MW of solar energy.

"It gives us immense pride to share that this tender win is aligned with our strategic vision and ambitious target of achieving 1000 MW by the year 2025. The magnitude of this LOI demonstrates the trust and confidence placed in our company's capabilities, technical expertise, and commitment to delivering high-quality sustainable energy solutions," the company said in a filing.

The company is now poised to proceed with the execution of the Power Purchase Agreement (PPA) with GUVNL, subject to obtaining the approval of the Gujarat Electricity Regulatory Commission (GERC).

Tags:

Business

KPI Green Energy Ltd

Gujarat Urja Vikas Nigam Limited

GUVNL

Wind-Solar Hybrid projects

Tender

Bidding

E-Reverse auction

Hybrid Renewable Projects

Letter of intent

GERC