Construction Industry News
Gujarat Industries Power Company (GIPCL) has granted Sterling and Wilson Renewable Energy (SWRE) a letter of intent for a significant 600 MW solar project at the renowned Khavda Solar Park.
The comprehensive project, divided into two 300 MW blocks, covers a range of tasks, from design and engineering to testing, commissioning and three years of operational and maintenance commitment.
Valued at approximately ₹11.3 billion (~$136.1 million), including all relevant taxes and levies, the contract is the result of GIPCL securing 600MW capacity through the greenshoe option of GUVNL's Phase XVII auction, corresponding to 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) is signed between GUVNL and GIPCL, which ensures a lasting energy impact.
Amit Jain, the global CEO of Sterling and Wilson Renewable Energy Group, 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 on the GIPCL solar farm, reinforcing the state's commitment to sustainable growth. GUVNL's cumulative tender capacity has now reached an impressive 12.3 GW, as recorded by Mercom's India Solar Tender Tracker.
