About the Project
The Gujarat Wind Energy Park is a 30 MW onshore wind power project located in the Bhuj–Mandvi corridor of Kutch district, one of India’s highest wind-resource zones with average capacity factors above 32%.
The project spans 142 hectares of government-allotted wasteland under a 25-year lease agreement with the Gujarat Revenue Department. Fifteen 2 MW turbines (Suzlon S111 class) will be installed, with grid connectivity via a dedicated 33 kV line to the GETCO substation at Bhuj.
A 20-year Power Purchase Agreement (PPA) has been executed with Gujarat Urja Vikas Nigam Limited (GUVNL) at a fixed tariff of ₹3.22/kWh (escalation-linked), providing predictable long-term cash flows for investors.
Construction is scheduled to commence Q3 2026, with commercial operations targeted for Q2 2027. The project is expected to generate approximately 95 million units (MU) annually, offsetting roughly 76,000 tonnes of CO₂ per year.
This is one of the last wind projects in Kutch with a signed PPA at pre-2024 tariff rates. Comparable greenfield wind assets in the region are now quoting 11–13% IRR; this project targets 14.2% levered IRR with downside protection from a state-backed offtaker.
Why This Investment Stands Out
Premium Wind Corridor
Kutch records among the highest wind speeds in India (7.5+ m/s at hub height). The site has 8 years of validated wind data from a 120m met mast on the plot.
Signed PPA with GUVNL
20-year fixed-tariff PPA with Gujarat state DISCOM eliminates merchant risk. Payment security backed by state government guarantee mechanism.
Land & Permits Secured
25-year land lease, environmental clearance (EC), and forest NOC obtained. Grid connectivity approval from GETCO is in final stage.
Experienced EPC Partner
Suzlon Energy contracted for supply, erection, and 10-year O&M. Performance liquidated damages protect generation shortfall risk.
Financial Projections
| Year | Generation (MU) | Revenue ($ Cr) | Investor Return | Cumulative Return |
|---|---|---|---|---|
| Year 1 | 72 | 2.31 | 8.2% | 8.2% |
| Year 2 | 93 | 2.98 | 12.0% | 20.2% |
| Year 3 | 95 | 3.05 | 12.4% | 32.6% |
| Year 4 | 94 | 3.02 | 12.1% | 44.7% |
| Year 5 | 94 | 3.01 | 12.0% | 56.7% |
Projections assume 32% capacity factor, 0.5% annual degradation, and INR/USD at 83.5. Investor returns are net of O&M and escrow fees.
Project Timeline
Land Lease & EC Approval
25-year land lease executed with Gujarat Revenue Department. Environmental clearance granted by SEIAA.
PPA Execution & Financial Close
GUVNL PPA signed. Debt syndication with IREDA for 70% project cost completed.
Investor Round A u2014 Funding
Equity raise via Enera platform. Target $70M total project cost; $57.4M raised to date.
Construction Commencement
Civil works, foundation casting, and turbine delivery to site. 9-month construction schedule.
Commercial Operations (COD)
Grid synchronization, GETCO commissioning, and first revenue from PPA billing cycle.
Risk Factors
Wind Resource Variability
Annual generation may vary u00b18% from P50 estimates due to seasonal wind patterns. Mitigation: 8-year on-site met data and conservative P75 used in financial model.
Grid Curtailment
GETCO may curtail output during low-demand periods. Mitigation: Gujarat has among the lowest curtailment rates nationally (<2%); PPA includes deemed generation clause.
Equipment Performance
Turbine downtime could affect revenue. Mitigation: Suzlon O&M contract with 97% availability guarantee and LD penalties.
Regulatory & Tariff Risk
Changes to renewable policy could affect returns. Mitigation: PPA is legally binding for 20 years; project registered under Gujarat Solar-Wind Policy 2023.
Project Updates
Round A reaches 82% — Grid connectivity approval received
We are pleased to share that Round A funding has reached 82% of target, with 204 investors now participating in the Gujarat Wind Energy Park.
GETCO has issued final grid connectivity approval for the 33 kV dedicated line to Bhuj substation. Construction mobilization is on track for Q3 2026.
Remaining allocation in Round A is limited. Round closes 15 August 2026.