GIPCL Issues Letters of Intent to Vikram Solar to Develop Two Solar Power Projects

The Gujarat Industries Power Company (GIPCL) has issued letters of Intent (LoI) to Vikram Solar to set up two solar power projects of 40 MW each at Charanka solar park. Vikram Solar has secured the engineering, procurement and construction (EPC) agreement to develop these projects. The scope of work also includes operation and maintenance services by Vikram for a 10-year period. The projects are scheduled to be commissioned by June, 2017.

According to Mercom’s India Solar Project Tracker, GIPCL had won the bids for these projects and signed power purchase agreements (PPAs) in August with the Solar Energy Corporation of India (SECI) for 80 MW (2x40 MW) of solar projects under the National Solar Mission (NSM) Phase-II, Batch IV phase.

The  PPAs were signed at a fixed tariff of Rs.4.43 ($0.0662)/KWh, quoting viability gap funding (VGF) of Rs.67,99,000 ($101,627)/MW and Rs.69,75,000 ($104,257)/MW.

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