ReNew, Solarcraft, Mahindra Susten, and Avaada Win GUVNL’s 500 MW Solar Auction
The tender was floated in February this year
The developers can build projects anywhere in India and avail a greenshoe option of an additional 500 MW.
ReNew Solar Power won 200 MW by quoting ₹2.71 (~$0.0333)/kWh. Avaada Energy won 140 MW at ₹2.75 (~$0.0335)/kWh out of the quoted capacity of 500 MW under the bucket-filling method.
Mahindra Susten and Solarcraft Power won 100 MW and 60 MW, respectively, at the tariff of ₹2.74 (~$0.0334)/kWh.
The tender was floated in February this year.
The successful bidders will have to sign power purchase agreements (PPA) with GUVNL within 30 days from the issuance of the letter of intent.
The tender specified that only commercially established technologies can be used to minimize the technology risk and achieve the projects’ timely commissioning.
The successful bidder would have to set up the projects, including the electrical network, up to the delivery point at its own cost.
The projects should be designed to deliver energy at the Gujarat Energy Transmission Corporation (GETCO) periphery. The successful bidder will be responsible for getting the grid connectivity with GETCO or the central transmission utility (CTU).
Solar projects will also be allowed to be set up in the existing wind farms, which are already connected to the grid, subject to the availability of spare capacity for renewable energy integration at the corresponding GETCO or CTU substation.
The declared annual capacity utilization factor (CUF) should not be less than 17%. The successful bidder should 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 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.
In January this year, Sprng Energy, ib vogt, Hinduja Renewables, and Solarcraft Power India 9 (Blupine Energy) had won GUVNL’s auction to supply power from 500 MW of grid-connected solar power projects (Tranche XVIII) with a greenshoe option of an additional 500 MW.
Sprng Energy had won 200 MW by quoting ₹2.51 (~$0.031)/kWh. ib vogt, Hinduja, and Blupine had won 130 MW, 120 MW, and 50 MW, respectively, at ₹2.52 (~$0.031)/kWh.
According to Mercom’s India Solar Tender Tracker, GUVNL has so far floated tenders for 12.5 GW of solar projects and auctioned 6.5 GW of solar power projects.