KPI Green Wins 150 MW Project From GUVNL’s 250 MW Wind Tender

KPI Green Energy, based in Gujarat, has received a Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) to develop a grid-connected wind power project of 150 MW, according to a regulatory filing made by the company.

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KPI Green emerged as the successful bidder in GUVNL’s 250 MW wind tender, which included a greenshoe option for an additional 250 MW capacity. The tender was floated on January 18, 2025, and the results were declared following a reverse e-auction held on April 22.

GUVNL awarded the project nearly six months after issuing the tender. KPI Green stated that the Power Purchase Agreement (PPA) will be executed once it receives approval from the Gujarat Electricity Regulatory Commission (GERC).

"This order is in line with our strategic vision of reaching 10 GW of capacity by 2030," the company stated. They also emphasized that the Letter of Intent highlights trust in their technical capabilities and their commitment to providing sustainable energy solutions.

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Brief About The Project

According to GUVNL's tender guidelines, the renewable energy generating station for this project must support reactive power within a power factor range of 0.95 lagging to 0.95 leading. The annual capacity utilisation factor (CUF) must not fall below 22%, with a ±20% variation allowed during the 25-year PPA term.

The tender also permits successful bidders to sell any unscheduled power — within +20% of the declared CUF — to third parties or power exchanges without requiring a no-objection certificate (NOC) from GUVNL.

Previous Tender

Earlier this year, Gujarat Urja Vikas Nigam Ltd (GUVNL) awarded its 250 MW (Phase IX) grid-connected wind power project to KPI Green Energy, Juniper Green Energy, JGRJ Four Renewable (Jakson Green), and Inox Neo Energies (Inox Clean Energy). The tender also included a greenshoe option for an additional 250 MW in Gujarat.

In the tender, KPI Green Energy won the largest allocation, securing 100 MW at the lowest quoted tariff of ₹3.64/kWh. Juniper Green Energy and JGRJ Four Renewable each secured 50 MW at ₹3.65/kWh and ₹3.66/kWh, respectively. Inox Neo Energies was awarded 50 MW out of the 100 MW it had bid for at ₹3.66/kWh, under the bucket-filling method.