SWRE to Spearhead 600 MW solar venture at Khavda Solar Park

01 Aug 2023

Gujarat Industries Power Company (GIPCL) has awarded Sterling and Wilson Renewable Energy (SWRE) a letter of intent for a significant 600 MW solar power project at the renowned Khavda Solar Park.

The expansive project, divided into two 300 MW blocks, encompasses a range of tasks, from design and engineering to testing, commissioning, and three years of operation and maintenance commitment.

Valued at approximately ₹11.3 billion (~$136.1 million), covering all relevant taxes and duties, the contract results from GIPCL securing the 600 MW capacity through GUVNL's Phase XVII auction's greenshoe option, matching the L1 price. Sterling and Wilson won the project bid in May, following an auction that also involved NHPC, SJVN Green Energy, and NTPC Renewable Energy.

SWRE aims to complete the solar project within 15 months, supported by performance and commitment bank guarantees. A 25-year power purchase agreement (PPA) will be signed between GUVNL and GIPCL, ensuring a lasting energy impact.

Amit Jain, Sterling and Wilson Renewable Energy Group's Global CEO, welcomed the deal, noting that their order booking this fiscal year now exceeds 1.6 GWp, totaling ~ ₹18 billion (~$216.64 million).

As Gujarat progresses in renewable energy efforts, GUVNL's latest tender aims for an additional 600 MW in grid-connected solar projects at the GIPCL solar park, reinforcing the state's dedication to sustainable growth. GUVNL's cumulative solar tender capacity has now reached an impressive 12.3 GW, as recorded by Mercom's India Solar Tender Tracker.

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