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Mahindra Susten and GUVNL Ink 200 MW Solar PPA for Tenure of 25 Years

The project, linked to the interstate transmission grid (ISTS), will supply electricity to GUVNL at a rate of INR 2.72 /kWh.

August 11, 2023. By EI News Network

Mahindra Susten will develop 200 MW of solar capacity to supply electricity to Gujarat Urja Vikas Nigam Ltd (GUVNL).

The project can be developed anywhere in India, due to the fact that it is connected to the interstate transmission grid.

Mahindra Susten, a private-sector renewable power producer, has announced the signing of a 25-year power purchase agreement with Gujarat Urja Vikas Nigam Ltd (GUVNL) for a cumulative 200 MW solar capacity.

The project, linked to the interstate transmission grid (ISTS), will supply electricity to GUVNL at a rate of INR 2.72 /kWh.

Mahindra Susten procured this capacity in GUVNL’s 500 MW Phase XIX solar auction by adding a winning tender for 100 MW with an additional 100 MW awarded under the greenshoe option.

This project is slated to be finished within 18 months. Once commissioned, it is evaluated to produce approximately 450 million units on average per year from the first year onwards and over six billion units over a period of 25 years.

Mahindra Susten is a part of Mahindra Partners which is the USD 1 billion private equity division of the USD 15.6 billion Mahindra group, whose objective is to execute value creation through a diversified portfolio of sustainable businesses.

The Gujarat Urja Vikas Nigam Limited is a state electricity regulation board in Gujarat. It is wholly run by the Government of Gujarat. It was founded in May 1999 and is registered under the Companies Act 2013.

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Power Purchase Agreement

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Interstate Transmission System

Auction

Greenshoe option

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