GUVNLGujarat Urja Vikas Nigam Limited (Gujarat)
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The company won the contract in a bid announced by GUVNL in January.
CRISIL believes that GPEC will continue to have stable revenues over the medium-term; given the take-or-pay nature of the PPA with its sole off-taker GUVNL, GPEC is assured of recovery of fixed costs, subject to operating performance.
The energy will be supplied to GUVNL under a power purchase agreement valid for 25 years from scheduled commercial operation date.
The contract has been signed to sell power from the Tata Power Co's 25 megawatt solar photovoltaic project to GUVNL.
GUVNL was established as Gujarat Electricity Board (GEB), to generate, purchase, transmit and distribute electric power in the state of Gujarat in 1960.
The reason is that against the average buying cost of conventional power at Rs 3 per unit, state unit Gujarat Urja Vikas Nigam Limited ( GUVNL) has been procuring solar electricity at the rate of ` 15 a unit.
The project which is fully operational since January 2012 has executed a power purchase agreement with GUVNL for sale of the electricity at a tariff of Rs 3.56/kWh for the duration of the project.
Vadodara, May 9 -- Gujarat's leading industries body, the Federation of Gujarat Industries (FGI), has succeeded in convincing the Gujarat government to considerably reduce the burden on the MSEs (micro & small enterprises) who supply equipment to the distribution companies (discoms) of the Gujarat Urja Vikas Nigam Ltd (GUVNL).
Our sincere gratitude to GUVNL and the state of Gujarat for all the cooperation and support extended."
This success follows an earlier award to the Group by Gujarat Urja Vikas Nigam Limited (GUVNL) for a 280 MWp solar photovoltaic (PV) project in Gujarat as part of the Raghanesda solar park, currently under development.
Azure Power will provide power for 25 years at a tariff of INR 2.67 (~US 3.9 cents) per kWh to GUVNL which has a strong offtake credit and has been rated AA- by ICRA, a Moody's company.