Mumbai-based Powerica Limited has received a Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for the supply of power from a 50 MW wind power project in Gujarat. Under the LoI, dated 19 October 2026, Powerica will sell electricity from the project to the state utility at a tariff of ₹3.51 per kWh for a period of 25 years. The company disclosed the award to the stock exchanges on 21 October 2026 under Regulation 30 of the SEBI Listing Regulations.
Key Terms of the Letter of Intent
The LoI, bearing reference number GUVNL/RE/Wind/Phase XI/1670, has been issued under GUVNL’s Phase XI programme for procuring power from grid-connected wind projects. According to Powerica’s disclosure, the order has been awarded by a domestic entity, and its promoter, promoter group and group companies have no interest in GUVNL. The company also confirmed that the contract does not fall within the scope of related-party transactions.
The filing does not specify the project site within Gujarat, the turbine supplier or the estimated project cost. These details are expected to become clearer as the project moves to the agreement and construction stages.
Execution Timeline
The disclosure sets out a two-stage path to commercial operation. First, the power purchase agreement (PPA) with GUVNL is to be executed within 15 business days of the Gujarat Electricity Regulatory Commission (GERC) adopting the tariff. Second, the project must be commissioned within 24 months from the date of the PPA. Tariff adoption by GERC is therefore the next milestone, and the 24-month construction window will begin only once the agreement is signed. Dates for neither step have been announced.
Powerica’s Wind IPP Portfolio
According to Powerica’s Q4 FY26 investor presentation, filed with the exchanges on 28 May 2026, the company’s independent power producer (IPP) portfolio comprised 12 operational wind projects with a combined capacity of 330.85 MW. These projects sell power at tariffs ranging from ₹2.4 to ₹4.19 per kWh, and all carry 25-year PPAs except one 4.80 MW project with a 20-year term.
GUVNL, which the presentation notes is rated “AA” by CARE, is already Powerica’s largest offtaker, with 10 PPAs covering 228.25 MW. The Solar Energy Corporation of India (SECI), rated “AAA” by ICRA, accounts for two PPAs totalling 102.60 MW. The same presentation listed one 50 MW project under construction at ₹3.81 per kWh, and a pipeline of three projects aggregating 250 MW, including a 100 MW GUVNL project won with 50 MW under the greenshoe option. The 50 MW Phase XI project now covered by the LoI was awarded after that presentation was published.
Recent Wind Developments
In June 2026, GE Vernova announced an agreement to supply and install 28 of its 3.8 MW–154m onshore wind turbines for Powerica’s 100 MW Botad Wind Farm in Gujarat, for which Powerica secured the PPA through a competitive GUVNL auction. The project marks the India debut of the 3.8 MW–154m turbine, which will be manufactured at GE Vernova’s Pune facility, a site expected to support up to 1,500 MW of annual production at full capacity. Deliveries are expected to begin in the fourth quarter of 2026. It is the fourth wind farm the two companies have executed together in Gujarat.
Pradeep Gupta, Whole Time Director, Powerica Limited, said the debut of the new turbine made the collaboration especially significant, and that the 100 MW project would strengthen the company’s IPP portfolio.
Powerica has also been active in central auctions. On 5 August 2026, it received a Letter of Award from SECI for supply of power from a 100 MW wind power project in Gujarat at ₹3.85 per kWh for 25 years. That project is likewise required to be commissioned within 24 months of PPA execution. The GUVNL Phase XI tariff of ₹3.51 per kWh is 34 paise lower than the SECI award.
About Powerica
Powerica operates through two business divisions. Its generator set business manufactures diesel generator sets powered by Cummins engines and supplies medium-speed large generators in association with Hyundai. Its wind power business, which the company entered in 2008 as an independent power producer, covers IPP operations as well as engineering, procurement and construction (EPC) and operation and maintenance (O&M) services for balance of plant.
For FY26, Powerica reported consolidated revenue from operations of ₹3,011.52 crore. The wind power segment contributed 16.9% of revenue, or ₹511.99 crore, with an EBITDA margin of 31.3%, compared with 9.1% for the generator set business. Beyond its own assets, the company has completed balance-of-plant EPC for 12 wind projects totalling 450.40 MW and provides O&M at 10 projects with 296.50 MW of capacity. Powerica listed on the NSE and BSE in April 2026 following a ₹1,100 crore initial public offering, and has identified diversification into solar hybrid projects as part of its wind business strategy.
Outlook
With the LoI in hand, the immediate focus shifts to GERC’s adoption of the ₹3.51 per kWh tariff and the subsequent signing of the 25-year PPA with GUVNL. Alongside the Botad project, scheduled to receive turbine deliveries from late 2026, and the 100 MW SECI award, the Phase XI project adds to a growing pipeline of contracted wind capacity that Powerica will need to execute in Gujarat over the next two to three years.
Official Sources
- Powerica Ltd – Regulation 30 Disclosure: Receipt of LoI from GUVNL for 50 MW Wind Power Project (NSE, 21 October 2026): https://nsearchives.nseindia.com/corporate/PowericaNSE_21102026180104_Intimation_SE.pdf
- Powerica Ltd – Regulation 30 Disclosure: Receipt of LoA from SECI for 100 MW Wind Power Project (NSE, 6 August 2026): https://nsearchives.nseindia.com/corporate/PowericaNSE_06082026155435_Intimation_SE.pdf
- Powerica Ltd – Investor Presentation Q4 FY26 (NSE, 28 May 2026): https://nsearchives.nseindia.com/corporate/PowericaNSE_28052026224737_Investor_presentation_signed.pdf
- Powerica Ltd – Investor Release Q3 FY26 (NSE, 21 April 2026): https://nsearchives.nseindia.com/corporate/PowericaNSE_21042026204735_Press_Release_Q3_signed.pdf
- GE Vernova – Press Release: 3.8 MW Turbine Launch and Powerica Order for Botad Wind Farm (4 June 2026): https://www.gevernova.com/news/press-releases/ge-vernova-deepens-india-commitment-38mw-workhorse-turbine-launch-powerica-order-allm-certification-pune-manufacturing
- Powerica Ltd – Official Website: https://www.powericaltd.com/
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