CESC has awarded contracts for the supply of 600 MW of wind-solar hybrid power projects to four domestic entities. The contracts are part of a competitive bidding process initiated by CESC under the guidelines issued by the Ministry of Power, Government of India, for the procurement of power from grid-connected wind-solar hybrid projects.
The entities that received the Letter of Awards include Purvah Green Power Private Limited, Vismaya Renewables India Project Private Limited, Hexa Climate Solutions Private Limited, and Sprng Energy Private Limited. Each of these companies will supply 100 MW of wind-solar hybrid power, except for Purvah Green Power, which will supply 300 MW.
The power purchase agreements associated with these projects will be signed for a period of 25 years. The applicable tariff for the power supplied by Purvah Green Power, Hexa Climate Solutions, and Sprng Energy is set at ₹3.75 per kWh, while Vismaya Renewables will supply power at a tariff of ₹3.74 per kWh.
Purvah Green Power, a subsidiary of CESC, is the only entity among the four that falls under related party transactions. The project for Purvah Green Power is under tariff-based competitive bidding and is conducted on an arm’s length basis in the ordinary course of business.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).