ENGIE, NHPC, JSW, SJVN and NTPC Win GUVNL’s 1,125 MW Solar Auction

The tender was floated in January 2024


Solairedirect (ENGIE), NHPC, JSW Neo Energy, SJVN, and NTPC Renewable Energy have been declared winners in Gujarat Urja Vikas Nigam’s (GUVNL) auction to supply power from 1,125 MW grid-connected solar projects to be set up in Gujarat State Electricity Corporation (GSECL)’s renewable energy park at Khavda (GSECL Stage-3).

Solairedirect secured 200 MW at a quoted tariff of ₹2.62 (~$0.031), while NHPC and SJVN obtained the same capacity each at ₹2.66 (~$0.032). JSW Neo Energy secured the highest capacity of 300 MW at a tariff of ₹2.66 (~$0.032). NTPC Renewable Energy won 225 MW at a tariff of ₹2.67 (~$0.032).

The tender was floated in January 2024.

Under the tender, bidders were required to offer a minimum capacity of 50 MW.

The terms specified that projects under construction, those not yet operational, and those currently operational without a long-term power purchase agreement (PPA) selling power on a short-term or merchant basis were eligible.

The tender was limited to projects not accepted under other central or state programs and without obligations to existing buyers.

Successful bidders must sign a PPA with GUVNL within 30 days of the letter of intent or within 10 days from the Gujarat Electricity Regulatory Commission’s adoption of the tariff, whichever is later.

Only commercially established and operational technologies have to be used to minimize technology risk and ensure timely project commissioning.

The projects’ declared annual capacity utilization factor (CUF) should not be below 17%. Successful bidders must maintain generation to achieve an annual CUF within +10% and -15% of the declared value for ten years from the commercial operation date.

After that, the annual CUF should remain a minimum of 15% and within +10% and -20 % of the declared value until the end of the 25-year PPA duration.

GUVNL has mandated the use of solar modules from the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers.

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