Hinduja Renewables Energy Private Limited secured a bid to establish a 140 MW solar power project in a tender issued by Gujarat Urja Vikas Nigam Limited (GUVNL). The company announced this achievement, citing a tariff rate of Rs 2.64/kWh, in a statement released on Wednesday.
Hinduja Renewables, a division within the Hinduja Group, stands as an independent producer of renewable energy, driven by a vision to take the lead in fostering sustainability within the energy landscape. Their ambition involves pioneering partnerships and inventive business models, striving for growth through both natural expansion and strategic acquisitions in renewable energy and emerging sustainable technologies, catering to both the distributed and utility sectors.
In alignment with India’s pursuit of sustainable energy dominance and self-sufficiency, Hinduja Renewables actively seeks opportunities at the intersection of energy and mobility. They are exploring hybrid renewable ventures, energy storage solutions, the green hydrogen value chain, and offshore wind initiatives. Presently, their operational footprint encompasses a range of solar power plants nationwide, with aspirations to escalate to a multi-gigawatt capacity within the coming years.
As part of GUVNL’s Solar Tender Phase -XXII, Hinduja Renewables emerged victorious among four winning developers in the bid to establish 500 MW Solar Power Projects across India. This tender attracted participation from top Independent Power Producers (IPPs). The agreement holds the promise of expanding to 280 MW, pending approval from GUVNL, Gujarat’s state electricity regulatory body, which might authorize an additional 140 MW capacity through a greenshoe option.
Commenting on the achievement, 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.”
