Emrock Corporation Limited, formerly Vaghani Techno Build Limited, has received confirmation from Uttar Gujarat Vij Company Limited (UGVCL) for Power Purchase Agreements (PPAs) covering 12 MW of solar power. The company disclosed this to BSE Limited on 23 October 2026 under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 (BSE scrip code 531676). The 12 MW comprises three solar projects of 4 MW each, at three different locations, and the PPAs run for 25 years under the Gujarat Renewable Energy Policy, 2023.
What the filing says
UGVCL, the distribution company serving North Gujarat, is the buyer, and the company describes the contract as a domestic one. Power generation is expected to start on or before 20 March 2028 for one project and on or before 23 March 2028 for the other two. The filing does not name the three locations, so they are not covered here.
Emrock notes that actual generation and revenue may vary with real output and the applicable terms of the PPAs. It also states that, to the best of its knowledge, its promoters, promoter group and group companies have no interest in UGVCL, and that the transaction is not a related party transaction.
The economics disclosed by Emrock
The filing gives a simple revenue estimate. Each project is expected to generate at least about 77 lakh units (7.7 million kWh) a year, and the tariff is Rs 2.76 per unit. That puts estimated annual revenue at about Rs 212.52 lakh per project. For the three projects together, the company estimates annual generation of about 231 lakh units and annual revenue of about Rs 637.56 lakh, or Rs 6.3756 crore.
As a rough check, 77 lakh units from a 4 MW plant implies a capacity utilisation factor of about 22 per cent. This is VYQON’s own arithmetic, not a figure from the filing.
The wider portfolio with UGVCL
The disclosure also gives a status table of the company’s solar projects and PPAs with UGVCL. With this confirmation, aggregate confirmed power supply commitments stand at 40 MW across 10 plants of 4 MW each.
One 4 MW plant is already operational and generating power. Six plants, totalling 24 MW, are under erection and commissioning, with power generation expected on 24 May 2027. The newly confirmed PPAs cover one 4 MW plant expected on 20 March 2028 and two plants totalling 8 MW expected on 23 March 2028. Together these make 4 MW, 24 MW, 4 MW and 8 MW, or 40 MW.
Emrock adds that it has a further proposal for solar capacity with UGVCL that remains under consideration and is subject to UGVCL’s confirmation. That capacity is not included in the 40 MW. The company says it will make further disclosures as applicable under the SEBI listing regulations.
The policy background
The Gujarat Renewable Energy Policy, 2023 was announced in October 2023 and is built around the state’s estimated potential of about 36 GW of solar and 143 GW of wind. Under it, distribution companies can buy power from distributed solar projects of up to 4 MW, and from small wind projects of up to 10 MW, without competitive bidding. The purchase is made at a pre-set, fixed levelised tariff, and that tariff stays unchanged for the full 25-year term of the PPA.
This is the route Emrock’s contracts follow. Each project is 4 MW, which matches the upper limit for solar under the distributed route, and each PPA is for 25 years, which matches the policy’s fixed-tariff term. A fixed tariff over 25 years gives a small developer a predictable revenue line and gives the distribution company a known cost of supply from solar.
Why small projects matter
A 4 MW plant is small beside the multi-hundred-megawatt solar parks that dominate India’s tender calendar, but projects of this size have a role of their own. They connect at the distribution level, close to where the power is used, and they need comparatively small parcels of land. For a distribution company, buying from several such plants spreads supply across many locations instead of relying on a few large sources.
For the developer, the contracts turn a pipeline into signed revenue. Emrock now has 40 MW confirmed with a single distribution company, of which only 4 MW is operating today. Most of the capacity is still to be built, so delivery over the next two years will decide how much of this confirmed revenue is realised.
What it means for India’s clean-energy sector
The filing is a reminder that India’s solar build-out is not only about large central tenders. State policies that let distribution companies contract directly with smaller generators at a fixed tariff create a steady channel for mid-sized and small developers. The Rs 2.76 per unit tariff in this filing also shows the price level at which a Gujarat distribution company is contracting small solar capacity under the 2023 policy.
What to watch next
The points to follow in Emrock’s coming disclosures are the locations and construction status of the three newly confirmed projects, the progress of the six plants due in May 2027, and the outcome of the further proposal that UGVCL has yet to confirm. None of these is covered by this filing.
Official references
- Emrock Corporation Limited, Regulation 30 disclosure to BSE Limited, “Confirmation of Power Purchase Agreements aggregating 12 MW with Uttar Gujarat Vij Company Limited”, dated 23 October 2026 (scrip code 531676): https://www.bseindia.com/xml-data/corpfiling/AttachLive/a762156a-be53-4978-be59-3efc94d350ce.pdf
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