Google × Adani Khavda Hybrid PPA
A hyperscaler buying hybrid power directly from Khavda — corporate PPAs arriving at gigawatt-park scale in India.
Footage · Wealth Tech & Future · YouTube
approx. 30 GW
Park planned capacity
Long-term target for the Khavda renewable energy park, Gujarat
approx. 750 MW
Corporate hybrid PPA size
Reported solar-plus-wind capacity contracted to one buyer
approx. 726 sq km
Park land area
Land parcel in Kutch district, Gujarat
approx. 45-50%
Blended CUF (hybrid)
Estimated combined solar-wind plant load factor
Kutch, Gujarat
Location
Coastal desert region with strong solar and wind resource
ISTS-linked
Grid connectivity
Evacuation via interstate transmission system corridor
2020
Renewable energy park in Kutch, Gujarat announced with a long-term target of approx. 30 GW combined solar-wind capacity.
2022
Site development, land pooling and early solar-wind hybrid modules commissioned at the park.
2023
Reports emerge of hyperscale technology buyers exploring direct hybrid PPAs from the park for India data-centre and cloud operations.
2024
A large corporate hybrid solar-plus-wind PPA (approx. 750 MW) is signed, among India's biggest reported corporate renewable deals.
2025
Phased commissioning and grid integration continue, with transmission corridor upgrades supporting further scale-up.
A gigawatt-scale renewable park in Kutch, Gujarat has begun supplying hybrid solar-plus-wind power directly to a global technology company under a long-term corporate PPA — one of the largest such deals reported in India. For developers, lenders and utilities this signals that corporate buyers now want firm, round-the-clock clean power at park scale, not isolated MW-sized rooftop or open-access deals. It validates hybrid bundling, mega-park land aggregation, dedicated evacuation infrastructure and structured green financing as the template for future hyperscaler and industrial RE procurement across India.
India's SECI and state hybrid bidding frameworks, ISTS waiver sunset clauses, open-access and group-captive rules, and banking-of-energy provisions all directly shape whether such large corporate hybrid PPAs pencil out. This deal shows regulators and utilities that corporate demand is shifting toward firm, park-scale renewable-plus-storage supply, reinforcing the case for round-the-clock (RTC) tenders, faster ISTS approvals, and replicable land-pooling PPP models in states like Rajasthan, Madhya Pradesh and Karnataka seeking similar hyperscaler and industrial anchor offtake.
Engineering, procurement and finance lessons
01
Hybridisation lifts firmness, not just capacity
Co-locating solar and wind at gigawatt scale materially raises blended CUF and smooths the generation curve, which is what large corporate offtakers actually value over standalone solar or wind PPAs. Developers should model hourly complementarity early, not just aggregate nameplate MW, when pitching hybrid PPAs to industrial or hyperscale buyers.
02
Transmission is the real critical path
Multi-GW parks fail or stall on evacuation, not generation. Dedicated ISTS corridors and substation capacity must be sequenced ahead of, or in lock-step with, generation build-out; lenders should treat transmission commissioning milestones as key covenant triggers in project finance.
03
Corporate PPA structuring needs regulatory fluency
Direct hybrid PPAs to a single large corporate buyer require careful navigation of open-access rules, banking of energy, group captive or third-party sale routes, and ISTS charge waiver eligibility. Structuring errors here can erode the economics that made the deal attractive in the first place.
04
Mega-park land aggregation de-risks EPC
Single-window clearance and pre-aggregated land at park scale compress EPC timelines and reduce right-of-way disputes compared with fragmented greenfield sites, a model state agencies and PPP structures elsewhere in India can replicate.
05
Anchor PPAs enable cheaper capital
A credit-strong, long-tenor corporate offtaker anchors project finance and green bond issuance, lowering the cost of capital for the wider park — a template lenders should price into future gigawatt-scale hybrid financings.
Sources · Reuters · Bloomberg · Mercom India · Press Information Bureau (Government of Gujarat) · Council on Energy, Environment and Water (CEEW)
- Structuring hybrid and RTC corporate PPAs, including open-access, banking and group-captive routes for large offtakers.
- Transmission and evacuation planning, sequencing ISTS approvals alongside EPC and generation milestones.
- Green finance advisory — anchoring project finance, bonds and blended capital stacks around long-tenor corporate offtake.