GUVNL Floats Tender for 500 MW of Solar Projects with Greenshoe Option

Gujarat Urja Vikas Nigam (GUVNL) has invited bids to purchase power from 500 MW of grid-connected solar power projects (Phase XXII) to be set up anywhere in India, with a greenshoe option of an additional 500 MW.

The last day to submit the bids is December 4, 2023. Bids will be opened on December 7.

Bidders are required to submit ₹300,000 (~$3,603) as a bid processing fee. They must submit an earnest money deposit ₹928,000 (~$11,146)/MW of the quoted capacity.

The successful bidder must furnish an amount equivalent to ₹2.32 million (~$27,866)/MW of the allotted capacity as a performance bank guarantee after issuing the letter of intent and before signing the PPA.

The minimum capacity offered by the bidders should be 50 MW.

Projects that are under construction, those that are not yet operational, and those that are already operational but lack a long-term power purchase agreement (PPA) with any agency and sell power on a short-term or merchant basis will be eligible. However, this applies only to projects that haven’t been accepted under any other central or state programs and have no obligations to existing buyers.

The successful bidders must sign PPA with GUVNL within 30 days from the date of issuance of the letter of intent or within 10 days from the adoption of the tariff by the Gujarat Commission, whichever is later.

Only commercially established and operational technologies can be used to minimize the technology risk and to achieve the timely commissioning of the projects.

The net worth of bidders as of the last date of the previous financial year should not be less than ₹9.28 million (~$97,574)/MW of the quoted capacity.

Any bidder from a country that shares a land border with India will be eligible to bid in this tender condition that they are registered with the competent authority.

The projects’ declared annual capacity utilization factor (CUF) should not be less than 17%. The successful bidder must maintain generation to achieve annual CUF within + 10% and -15% of the declared value until the end of ten years from the commercial operation date, subject to the annual CUF remaining a minimum of 15% and within +10% and – 20% of the declared value of the annual CUF after that until the end of the PPA duration of 25 years.

The solar modules to be used for the projects must be warranted for peak output wattage, which should not be less than 90% at the end of ten years and 80% at the end of 25 years from the project’s commercial operation date.

GUVNL has mandated the use of solar modules listed on the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy.

In July, GUVNL invited bids to purchase power from 600 MW of grid-connected solar power projects (Phase XXI) to be set up at the Gujarat Industries Power Company’s solar park in Khavda, Gujarat, with a greenshoe option of an additional 600 MW.

Subscribe to Mercom’s India Solar Tender Tracker for timely updates on all solar tenders issued by various agencies in India.

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