SJVN Green, Hinduja, Avaada and BluPine Win GUVNL’s 500 MW Solar Auction

Only 390 MW out of the total tendered capacity was auctioned


SJVN Green Energy, Hinduja Renewables Energy, Avaada Energy, and Solarcraft Power India 5 (BluPine Energy) won Gujarat Urja Vikas Nigam’s (GUVNL) auction 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.

SJVN won 100 MW, quoting ₹2.63 (~$0.0316)/ kWh. Hinduja won 140 MW at ₹2.64 (~$0.0317)/ kWh. Avaada won 100 MW and BluPine 50 MW, respectively, both quoting ₹2.65 (~$0.0319)/ kWh.

The bid by Sprng Energy for 150 MW for ₹2.66 (~$0.0320)/ KWh did not qualify as it was above the L1+1% tariff cut-off criteria mentioned in the tender.

Only 390 MW out of the total tendered capacity was auctioned.

GUVNL 500 MW Solar Phase XXII Auction

The tender was floated in November.

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 were eligible under the tender. However, this applies only to projects that have not been accepted under any other central or state programs and have no obligations to existing buyers.

The successful bidders must sign PPAs with GUVNL within 30 days from the date of issuance of the letter of intent or within ten 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 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 from the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy.

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