Mumbai: Hinduja Renewables has secured a 140-MW solar power project from Gujarat Urja Vikas Nigam Ltd (GUVNL) at a tariff rate of Rs 2.64/unit. In a statement released on Wednesday, the company said, "In a highly competitive bid, Hinduja Renewables has won a bid to set up 140 MW solar power capacity in a tender issued by GUVNL at a tariff rate of INR 2.64/kWh." The company also added that if GUVNL exercises the greenshoe option, it can award another 140 MW to Hinduja Renewables which will take the awarded capacity to 280 MW.
The award is part of the Solar Tender Phase -XXII issued by GUVNL for the selection of solar power developers for setting up 500 MW Solar Power Projects anywhere in India. Hinduja Renewables was one of the four winning developers under this tender which saw a participation from leading IPPs.
Commenting on the win, 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.”
Hinduja Renewables, part of the Hinduja Group, is an independent renewable power producer. It plans to grow through both organic and inorganic means in renewable energy and emerging sustainable energy technologies in distributed and utility segments.