NTPC Renewable Energy signs PPA with GUVNL

The 150 MW project will sell power at a tariff of Rs.2.20 per kWh.

NTPC Renewable Energy Limited, a wholly-owned subsidiary of NTPC Ltd, one of India’s largest integrated energy companies, has signed a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) to sell power from its 150 MW solar project.

The project, which will be installed in Gujarat, will sell power at a tariff of Rs 2.20 per kWh.

With this successful bid, the company’s total capacity under TBCB tenders has reached 1.4 GW. The company has also been allocated land in Rann of Kutch by the Government of Gujarat for developing a solar park with a capacity of 4,750 MW.

The seven month-old 100-per cent  subsidiary floated with the purpose of developing renewable energy projects, is currently building 6 GW solar capacity in India.

The strong backing of the parent NTPC Ltd is also reflected in the highest domestic credit rating assigned to the subsidiary by India Ratings (a Fitch group company).