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Gujarats state-owned electricity utility, GUVNL, has inked a landmark 25-year agreement with NLC India Green Energy Ltd (NIGEL) to procure electricity from its 600-MW solar plant at a competitive rate of ?2.705 per kWhr.
NIGEL, a subsidiary of the renowned lignite mining and power generation entity NLC India Ltd, emerged victorious in securing two significant solar power projects through open tenders - a 600 MW project in Gujarat and an 810 MW project in Rajasthan.
The power-purchase agreement (PPA) between GUVNL and NIGEL encompasses the 600-MW solar project situated at Khavda solar park in Bhuj district, Gujarat, with an expected commissioning date set for June 2025.
According to a press release from NLC India, the Khavda project anticipates generating a substantial 1,577.88 million kWhr of electricity annually, equivalent to 2.63 million units per MW. At the agreed tariff of ?2.705, this translates to an estimated revenue of ?427 crore.
An official from NIGEL highlighted the projects potential for high power generation, attributing it to the utilization of bifacial modules with a high DC-to-AC conversion ratio and favorable solar irradiation conditions at Khavda.
Similar advantages are expected for the 810-MW solar plant in Rajasthan, where the tariff stands at ?2.64 per kWhr, promising an annual revenue of ?560 crore.
Upon completion of both projects, NIGEL anticipates achieving a significant milestone, transforming into a ?1,000-crore company. Looking ahead, NIGEL aims to bolster its renewable energy portfolio to 6,000 MW by 2030.
To support these ambitious endeavors, NIGEL has allocated substantial investments of ?4,000 crore for the Gujarat project and ?4,800 crore for the Rajasthan project, as revealed by NLC Indias Chairman and Managing Director, Prasanna Kumar Motupalli, in a recent interaction with BusinessLine. |
