GE Vernova's 3.8 MW Turbine Debuts on Powerica's 100 MW Gujarat Order
Gujarat's discom locked in another 100 MW of wind capacity at a tariff seven paise cheaper than what the same developer secured a month earlier, a signal that competitive bidding is still compressing wind prices even as procurement volumes climb.*
Powerica has agreed to supply Gujarat Urja Vikas Nigam Limited with 100 MW of wind power at Rs 3.435 per kWh for 25 years, undercutting the Rs 3.51 per kWh it accepted in a GUVNL auction just a month earlier.
GUVNL has moved through successive wind tenders in 2026 at a pace few state discoms have matched, and each round has priced capacity lower than the last. The July auction for 250 MW, plus a 250 MW greenshoe option, settled at a floor of Rs 3.51 per kWh, split between NLC India Renewables, Juniper Green Energy, Powerica and Cu-Built Renewable Energy. This new agreement, signed weeks later, prices an equivalent 100 MW block roughly two percent below that floor.
For a discom managing renewable purchase obligations under India's tariff framework, sub-Rs 3.5 wind is now the baseline in Gujarat rather than the exception. The question for other states is whether their own procurement pipelines can replicate that price trajectory, or whether Gujarat's transmission access and wind resource quality are doing work that cannot be exported elsewhere.
PPA Terms Set 25-Year Tariff Ceiling at Rs 3.435 Per Unit
Under the agreement, Powerica will build and operate a 100 MW wind facility in Gujarat, delivering power to GUVNL at Rs 3.435 per kWh across a 25-year term. The company has committed to a 24-month construction timeline, putting commissioning in the second half of 2028 if the schedule holds. Powerica has stated the transaction involves no related-party interest, with its promoter group holding no stake in GUVNL.
GE Vernova Turbine Order Anchors the Botad Site
The project, sited at Botad in Gujarat, will run on 28 of GE Vernova's newly launched 3.8 MW, 154-metre onshore turbines, the model's first commercial deployment in India. GE Vernova will manufacture the units at its Pune facility, with deliveries scheduled to begin in the fourth quarter of 2026. It is the fourth wind project the two companies have built together in India, a repeat pairing that shortens procurement and commissioning timelines relative to a new turbine-developer relationship.
Falling Tariffs Squeeze Developer Margins Ahead of a Crowded Pipeline
A seven paise per kWh drop across successive GUVNL rounds is a modest number in isolation, but layered over a 25-year contract it compounds into a meaningful revenue gap for the developer. Powerica absorbed that gap rather than sit out the auction, evidence that Gujarat's wind pipeline still has more bidders chasing capacity than the discom needs to fill it. The unresolved question is whether turbine and financing cost curves are falling fast enough to protect margins at these tariffs, or whether developers are pricing capacity on site quality and access terms Gujarat cannot guarantee in every future round.
What to Watch
Watch whether GUVNL's next wind tender, expected before the end of FY27, clears below Rs 3.435 per kWh, which would confirm a sustained downward tariff trend rather than a one-off. Also watch GE Vernova's fourth-quarter delivery schedule for the Botad turbines, the first real-world test of the 3.8 MW platform's performance under Indian wind conditions.
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