Power utility CESC Ltd announced on Tuesday (March 17) that it has issued four Letters of Award for the development of wind-solar hybrid power projects under the Ministry of Power's tariff-based competitive bidding guidelines. According to reports from CNBC TV18, the total capacity awarded is 600 MW, with Purvah Green Power Private Ltd, a CESC subsidiary, securing 300 MW. The remaining 300 MW was awarded equally to Vismaya Renewables India Project Private Ltd, Hexa Climate Solutions Private Ltd, and Sprng Energy Private Ltd, each receiving 100 MW. As per CNBC TV18, the contracts are part of a competitive bidding process initiated by CESC under the guidelines issued by the Ministry of Power, Government of India, for the procurement of power from grid-connected wind-solar hybrid projects.
As reported by CNBC TV18, the agreements will be valid for 25 years, with specific tariff rates for each project. The applicable tariff for Purvah is set at ₹3.75 per kWh, while Vismaya receives ₹3.74 per kWh. Both Hexa Climate Solutions and Sprng Energy are assigned ₹3.75 per kWh each. The 300 MW project awarded to Purvah is treated as a related-party transaction and executed on an arm's-length basis under competitive bidding, while the other three contracts involve domestic entities and do not fall under related-party transactions. According to the regulatory filing, the power purchase agreements associated with these projects will be signed for a period of 25 years.
According to a stock exchange filing reported by CNBC TV18, in January this year, CESC announced that its subsidiary, CESC Green Power Ltd, signed a memorandum of understanding (MoU) with the governor of Uttar Pradesh on January 20, 2026. The project is expected to involve an investment of around ₹3,800 crore and will establish a 3 GW solar cell and module manufacturing plant, a 60 MW solar power plant, and associated units including a research & development laboratory and other infrastructural facilities in Uttar Pradesh. Purvah Green Power, a subsidiary of CESC, is the only entity among the four that falls under related party transactions, with the project conducted on an arm's length basis in the ordinary course of business under tariff-based competitive bidding.
As reported by CNBC TV18, shares of CESC Ltd ended at ₹156.20, down by ₹0.65, or 0.41%, on the BSE following the announcement. The stock movement reflects investor reaction to the company's renewable energy project developments and related-party transaction disclosures. The announcement was based on a regulatory filing submitted to the National Stock Exchange of India (NSE), as reported by CNBC TV18.
