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NLC India Limited (NLCIL) has formed a wholly owned subsidiary called NLC India Green Energy Limited (NIGEL) to carry out future renewable energy projects. The subsidiary will use its experience to its advantage by concentrating exclusively on renewable energy projects.
NLCIL has won a 600-MW solar power project tender in the GSECL Khavda Solar Park, which GUVNL floated through a competitive bidding process. The project development has been entrusted to NIGEL following the policy of creating RE projects through the green energy wholly-owned subsidiary (WoS).
As a first initiative, NIGEL has signed the Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) for the proposed 600 MW Solar Power Project at Khavda Solar Park, Bhuj District, Gujarat. GUVNL will procure the entire power from the project with the PPA tariff for the electricity from the project at ₹2.705/kWh. The annual electricity generation is set at 1,577.88 MU (Million Unit), with a cumulative electricity generation of 39.447 BU (Billion Unit) in its lifetime. The project is set to offset approximately 35.5 Million Metric Tonnes of Carbon dioxide emissions throughout its life.
The CEO of NIGEL signed the PPA in the presence of the Chairman, NIGEL Director and CFO, NIGEL with GM (Renewables), GUNVL at Vadodara. On the occasion, Chairman NIGEL Shri. Prasanna Kumar Motupalli stated that this project has the benefit of being established in a Solar Park with all readily available necessary infrastructure and with payment security for the power sold. He added that by securing additional capacity in the Green shoe option, the project economics have been improved because of scales.
The proposed 600 MW Solar Power Project in Khavda Solar Park will be the single largest solar project NLCIL has developed to date.
Also Read : Waaree Energies Ltd bags 400 MW solar module supply contract from GIPCL Torrent Power receives a LoA to supply 150 MW renewable energy
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