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India’s GUVNL floats tender for 500MW solar projects in Gujarat

CTBR Staff Writer Published 13 February 2018

A new tender for 500MW grid-connected solar power projects has been launched in the western Indian state of Gujarat by electricity board Gujarat Urja Vikas Nigam Limited (GUVNL).

The minimum project capacity that can be proposed has been set as 25MW while an upper limit has not been specified. On the other hand, the tariff range has been fixed in the INR2.3-4.0 ($0.04-0.06) per kWh range.

Interested bidders will have to submit their proposals by 19 March, 2018 as per the GUVNL notice.

Successful bidders will be responsible to install the solar photovoltaic (PV) plants along with certain transmission infrastructure. Their projects will be backed by 25-year power purchase agreements with GUVNL.

The Gujarat electricity board said that it could make an additional 500MW capacity available under a greenshoe option to participating bidders, who will be interested to sign power purchase deals with it at the lowest tariff.

The electricity board revealed that the lowest tariff will be determined through a competitive bidding process along with an e-reverse auction. 

GUVNL said that central public sector undertakings (PSUs)/state PSUs/government-controlled organizations will be given priority in the bidding.

The tender was floated by GUVNL to fulfill its renewable power purchase commitment and to address the future requirements for power distribution firms.

Last year, GUVNL held a similar solar auction for 500MW of new capacity. In that auction, power tariffs slipped as low as INR2.65 ($0.041) per kWh.

Four companies prevailed in the bidding in September 2017 which included Azure Power, GRT Jewellers, Gujarat State Electricity Corporation Limited (GSECL) and Gujarat Industries Power Company Ltd (GIPCL).