Mahindra Susten Bags 200 MW Green Energy Project from GUVNL at Rs. 2.7250/KWh Tariff in Gujarat

GUVNL_200 MW PPA Signing

In a significant stride towards bolstering India’s renewable energy landscape, Mahindra Susten, a leading Independent Power Producer (IPP) specializing in renewable sources, has proudly announced the formalization of a Power Purchase Agreement (PPA). The agreement, inked on the 7th of August 2023, pertains to the prestigious GUVNL 500 MW Phase XIX ISTS project.


The remarkable feat achieved by Mahindra Susten entails the acquisition of a project with an impressive cumulative capacity of 200 MW. This capacity is the outcome of a successful bid, consisting of 100 MW in bid capacity and an equivalent 100 MW in Greenshoe capacity. This achievement reaffirms Mahindra Susten’s position as a trailblazer in the renewable energy sector.

A key highlight of this venture is the average PPA tariff, set at an approximate rate of 2.7250 INR per kilowatt-hour (KWh). This competitive tariff underscores the viability of renewable energy solutions in the contemporary energy market.


The esteemed off-taker for this initiative is the Gujarat Urja Vikas Nigam Limited (GUVNL), an influential entity in the state’s energy domain. The project, awarded through a rigorous process of competitive bidding and an e-reverse auction held on 20th April 2023, is bound by a 25-year Power Purchase Agreement (PPA) following tariff adoption approval from GERC.

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The forthcoming 18 months are earmarked for the project’s completion, thereafter contributing significantly to the nation’s renewable energy objectives. Upon commissioning, this initiative is anticipated to generate an estimated 450 million green units annually, ultimately reaching a cumulative count of over 6 billion green units in a span of 25 years. This substantial contribution will play a pivotal role in the nation’s ambitious decarbonization endeavors and the pursuit of net-zero targets.

With an already robust operational portfolio of over 1.54 GWp+ renewable IPP projects spanning five states, Mahindra Susten’s latest achievement marks its second impactful project in the state of Gujarat, following the successful commissioning of a 84.50 MWdc project in May 2017.

Deepak Thakur, the Managing Director and CEO of Mahindra Susten, expressed his elation regarding the project, particularly following the strategic involvement of Ontario Teachers’ Pension Plan (Ontario Teachers’). He emphasized the shared commitment to magnify their portfolio fivefold in the impending years, with a focus on pioneering solar energy, hybrid solutions, and integrated energy storage. Thakur’s statement encapsulates Mahindra Susten’s dedication to pioneering a clean energy future through innovation, superior quality, and cutting-edge technological advancements.

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