Ravindra Energy Secures 62 MW Solar Project from HESCOM
Filing Summary
Ravindra Energy Limited has received 13 Letters of Award from Hubli Electricity Supply Company Limited (HESCOM) for a solar power project with a total capacity of 62 MW (AC) in Karnataka. The project will be developed under a Build Own & Operate model, with a 25-year Power Purchase Agreement. The average tariff is set at Rs. 2.95 per unit. The project is expected to be commissioned within 12 months from the Power Purchase Agreement date, with an estimated capital expenditure of approximately Rs 225 Crore.
Ravindra Energy Limited has announced the receipt of 13 Letters of Award from Hubli Electricity Supply Company Limited (HESCOM) for establishing a solar power project with an aggregate capacity of 62 MW (AC). The project will be developed under the Build Own & Operate (BOO) model within the jurisdiction of HESCOM in Karnataka.
The agreement includes a 25-year Power Purchase Agreement (PPA) with HESCOM, commencing from the Commercial Operation Date (COD). The average tariff for the project is set at Rs. 2.95 per unit. The project is scheduled to be commissioned within 12 months from the date of the PPA.
The solar power project will be distributed across 13 sub-stations under HESCOM’s jurisdiction. The estimated capital expenditure for the project is approximately Rs 225 Crore. The project does not involve any related party transactions, and there is no interest from the promoter group in HESCOM.
Hubli Electricity Supply Company Limited is a government-owned utility in Karnataka, responsible for electricity distribution in the region. The company focuses on expanding its renewable energy portfolio to meet growing energy demands.
Ravindra Energy Limited is engaged in the development and operation of renewable energy projects. The company focuses on expanding its solar power capacity and enhancing its presence in the renewable energy sector through strategic projects and partnerships.