GUVNL will purchase the entire power generated by the project at a tariff of Rs 2.705/kWhr. The solar project is expected to generate around 1,577.88 million units (MU) of electricity annually, contributing to a cumulative electricity generation of 39.447 billion units (BU) over its lifetime.
The project further aims to offset approximately 35.5 million metric tons of carbon dioxide emissions during its operational lifespan.
NIGEL, a wholly owned subsidiary of NLC India Limited, focuses on developing green energy projects to contribute to sustainable development goals and is dedicated to promoting renewable energy initiatives. This project is set to be the largest solar project developed by NLCIL
NLCIL won the 600 MW solar power project in the Gujarat State Electricity Corporation Limited (GSECL) Khavda Solar Park tender, initiated by GUVNL through a competitive bidding process.
PPA was signed by the chief executive officer of NIGEL in the presence of chairman, NIGEL director and CFO, NIGEL with GM (Renewables), GUNVL at Vadodara.
Chairman of NIGEL, Prasanna Kumar Motupalli, highlighted project strategic advantages such as being situated within a Solar Park with readily available infrastructure and secure payment mechanisms.
He further said that by securing additional capacity in the Green shoe option, the project economics have been improved due to economies of scale. Acquiring additional capacity through the Green shoe option has strengthened the project’s economics, opening doors for further sustainable growth.