Refex Green Power Ltd has secured a letter of award from state-run SJVN Ltd to develop an 80-megawatt wind power project in Kurnool, Andhra Pradesh, the company disclosed in a regulatory filing submitted to the BSE on Saturday. The award positions Refex Green Power as the wind power developer responsible for setting up the full 80-MW capacity under a domestic framework.

Award Follows Competitive Bidding Process

The letter of award was issued, following a competitive bidding process. Refex Green Power Ltd. is a wholly owned subsidiary of Refex Renewables & Infrastructure Ltd.

The company confirmed the development on Saturday, making the disclosure through official channels as required under stock exchange regulations.

The project represents a significant contract win for the subsidiary, which will bear responsibility for developing the entire wind farm capacity in the Kurnool district.

Twenty-Five-Year Power Purchase Agreement to Govern Revenue

Under the terms of the arrangement, SJVN will enter into a 25-year long-term power purchase agreement with either Refex Green Power or a special purpose vehicle established for the project. The agreement will govern the sale of electricity generated by the wind farm over a quarter-century period.

The filing noted that the award does not carry a fixed lump-sum contract value. Instead, the project operates under a tariff-based revenue model, with electricity to be supplied at a discovered rate of 4.11 USD cents/kWh.

The total consideration under the agreement will therefore accrue progressively across the 25-year lifespan of the power purchase agreement, determined by the actual volume of clean electricity fed into the grid over that period.

This structure means the financial value of the contract to Refex Green Power will ultimately depend on the operational performance of the wind farm and the volume of generation achieved across the duration of the agreement.

Supply Must Commence Within 24 Months

On execution timelines, Refex Renewables stated in its filing that the scheduled commencement of supply at full wind farm capacity must occur within 24 months of the effective date of the power purchase agreement.

The 24-month window for achieving full capacity supply sets a firm delivery target that the company will need to meet as it moves from the award stage into active project development and construction.

Project Sits Within India's Broader Renewable Push

The Kurnool district of Andhra Pradesh has established itself as a significant location for large-scale renewable energy development in India, having previously hosted substantial solar capacity additions.

The addition of an 80-MW wind project through this SJVN-led procurement furthers the state's role in the country's clean energy expansion.

SJVN Ltd, a central government enterprise operating under the Ministry of Power, has been active in procuring renewable energy capacity through competitive tender processes as India works toward its national clean energy targets.

The organization functions as the off-taker in this arrangement, with the power purchase agreement providing the long-term framework under which Refex Green Power will supply electricity from the Kurnool wind farm into the grid.

Refex Renewables & Infrastructure Ltd, through its subsidiary Refex Green Power, is positioning itself as a project developer in the utility-scale wind segment with this contract.

The tariff of 4.11 USD cents/kWh, established through the competitive bidding process, will remain the basis for revenue generation across the full 25-year term of the power purchase agreement once supply commences.

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