Gujarat Urja Vikas Nigam (GUVNL) had invited bids for procuring 600 MW of grid-connected solar power projects, to be located at the Gujarat Industries Power Company (GIPCL) solar park in Khavda.

During the e-auction held on January 25, 2024, Coal India (CIL) successfully secured 300 MW of capacity within the 600 MW GIPCL RE Park. This project will operate as a grid-connected solar photovoltaic (SPV) plant.

GUVNL will enter into a 25-year power purchase agreement (PPA) with CIL. The contract must be executed within 15 months from the PPA signing date.

Coal India is a coal mining company engaged in the production and sale of coal. As of 31 December 2023, the Government of India held 63.13% stake in the company.

The company's consolidated net profit increased 12.73% to Rs 6,813.50 crore in Q2 FY24 as against Rs 6,043.99 crore posted in Q2 FY23.