Powerica wins 50 MW GUVNL wind bid at ₹3.51/unit

Powerica declared winner in GUVNL wind auction

Powerica Limited has emerged as a winning bidder in Gujarat Urja Vikas Nigam Limited’s (GUVNL) e-reverse auction for procurement of power from grid-connected wind projects. The tender covers 250 MW of wind capacity, and Powerica has secured a 50 MW project allocation. The win positions the company for a long-term, state-backed offtake arrangement, since the award is structured around a Power Purchase Agreement (PPA) with GUVNL. The auction outcome also comes amid heightened competition in India’s utility-scale renewable procurement, where tariffs and execution timelines are closely watched. For Powerica, the award adds another confirmed capacity addition in Gujarat, a state that has continued to run regular renewable tenders to meet policy-linked demand.

What the tender covered and how the auction was run

The procurement was conducted by GUVNL for 250 MW grid-connected wind power projects. The bid process was executed through an e-reverse auction format, a mechanism used to discover the lowest viable tariff among eligible bidders. In updates tied to this tender, the e-reverse auction date is cited as July 9, 2026. The tender is also referred to as “Phase X” in some disclosures related to GUVNL’s grid-connected wind program. Alongside the base capacity, the tender structure has been described as having an additional greenshoe capacity of up to 250 MW in related documentation.

What Powerica won: 50 MW capacity

Powerica’s allocation from the auction is 50 MW. The company is described as having an established presence in wind as both an Independent Power Producer (IPP) and an EPC contractor. In connection with this award, Powerica has indicated it will use in-house engineering capabilities for project execution and will work to meet tender timelines. The award is expected to be backed by a direct PPA with GUVNL, aligning with GUVNL’s role in supporting Renewable Purchase Obligations (RPOs) through contracted renewable power.

Tariff discovery: ₹3.51 per unit, with other reported figures

One reported outcome from the auction states that Powerica’s discovered tariff stood at ₹3.51 per unit, representing a 2.77% variation from the tender’s starting tariff. Separately, other disclosures and reports linked to the same GUVNL wind round have cited Powerica’s tariff at ₹3.44 per kWh for a 50 MW allocation, with mentions of a bucket-filling method and a quoted capacity of 106.40 MW.

These different tariff references appear in separate updates associated with the tender and related project announcements. What remains consistent across the information is that Powerica is a confirmed winner for 50 MW capacity in the GUVNL wind procurement and that the award is tied to a long-term offtake arrangement.

Contract tenor and value cited for the project

The award has been described as offering a 25-year revenue visibility under standard GUVNL PPA terms. The project’s estimated value is cited at ₹200 crore. The long duration of the PPA is central to the investment case for utility-scale wind projects, since it typically determines revenue certainty and influences financing terms. In this case, GUVNL is identified as the offtake authority, which matters because it is a state-backed counterparty.

Execution plan: engineering, timelines, and Gujarat footprint

Powerica has indicated it will rely on its in-house engineering capabilities to execute the project. The company’s role in the wind segment spans both IPP ownership and EPC contracting, which can support control over design, procurement, and on-ground implementation. The award strengthens Powerica’s operating presence in Gujarat and adds to the company’s pipeline in western India’s renewable market. One update also states that the win increases Powerica’s total operational and under-construction wind capacity by approximately 10% to 15%, although no base capacity number is provided alongside that range.

Botad Wind Farm context and GE Vernova turbine supply agreement

Separate from the tender update, GE Vernova has announced a turbine supply agreement with Powerica Limited for the Botad Wind Farm in Gujarat, described as a 100 MW project. The project is stated to be powered by 28 onshore wind turbines of 3.8 MW each (3.8 MW–154m model). Deliveries are expected to begin in the fourth quarter of 2026, with another update specifying supply expected to commence from October 2026.

The Botad project is described as the fourth project developed together by GE Vernova and Powerica. The 3.8 MW–154m turbine’s deployment is also described as the model’s debut in the Indian market. In these project notes, Powerica is stated to have secured the project’s PPA through a competitive auction run by GUVNL, and the contract scope includes turbine supply and installation.

Other winners in the GUVNL auction

Reports linked to the same GUVNL auction state that other bidders also received allocations. Patel Infrastructure and ALFANAR Power are cited as winners at a tariff of ₹3.43 per kWh, receiving 100 MW and 50 MW awards respectively. K.P. Group (also referred to as KP Energy in one update) is cited as winning 50 MW at a tariff of ₹3.44 per kWh. In the same set of details, Powerica is cited as winning 50 MW at ₹3.44 per kWh under a bucket-filling method.

Stock market snapshot mentioned alongside the award

One market snapshot linked to the tender win notes that Powerica’s stock price was ₹565.00, and that it had risen 44.87% over the past six months at the time of that update. This price and performance reference is included as context, but the award itself is anchored in the confirmed auction outcome, tariff discovery, and the PPA structure with GUVNL.

Key facts table

Why this award matters for investors and the sector

For Powerica, the 50 MW award adds incremental contracted wind capacity with a state-backed buyer, which is typically a key requirement for project financing and execution readiness. The tender also offers a clear view into current competitive pricing for grid-connected wind procurement in Gujarat, with multiple cited tariffs in the ₹3.43 to ₹3.51 per unit range across different updates. The presence of multiple winners highlights that capacity was distributed across bidders rather than concentrated in a single developer.

The parallel GE Vernova supply agreement for a 100 MW project in Gujarat provides additional context on how turbine supply, installation, and project timelines are being aligned for upcoming wind builds. With deliveries expected from Q4 2026 for the Botad project, execution schedules and equipment availability remain central to how quickly awarded capacities translate into commissioned assets.

Conclusion

Powerica’s win of a 50 MW allocation in GUVNL’s 250 MW wind tender confirms another step in its utility-scale wind pipeline in Gujarat. The award is linked to a long-term PPA structure, a reported tariff outcome from the e-reverse auction, and an estimated project value of ₹200 crore. Next milestones will hinge on meeting tender timelines and progressing project execution, while the Botad Wind Farm turbine deliveries are expected to begin in Q4 2026 based on GE Vernova’s disclosed schedule.