CESC Limited (CESC) has issued a Letter of Award to Purvah Green Power Private Limited (Purvah), a subsidiary of CESC, in response to Purvah’s submission to the Request for Selection document issued by CESC, in accordance with the “Guidelines for Tariff-Based Competitive Bidding Process for Procurement of Power from Grid-Connected Wind-Solar Hybrid Power Projects” dated August 21, 2023, by the Ministry of Power, Government of India, as amended.
The project involves the establishment of a Wind-Solar Hybrid Power Project with a 150 MW capacity, connected to ISTS, and an additional 150 MW capacity under the Greenshoe option. The awarded project is for the development of Wind-Solar Hybrid Power Projects in India under the Tariff-based Competitive Bidding process. The power purchase agreement for the project will be effective for a period of 25 years from the scheduled commencement of supply.
Purvah, as a subsidiary of CESC, holds an interest in this transaction, and as such, the arrangement qualifies as a related party transaction. However, it is conducted at arm’s length and in the ordinary course of business, in line with the tariff-based competitive bidding guidelines.