GUVNL 500 MW Tender Results

• GUVNL's 500 MW grid connected PV tender received lowest bid of 2.98 INR ($0.0456) per kWh
• The lowest bid winner of 50 MW capacity is Kalthia Engineering and Construction Ltd.
• Gujarat State Electricity Corporation Limited (GSECL) has won 150 MW for 3.00 INR ($0.0459) per kWh
• Acme Solar Holdings Limited has won 100 MW for 3.06 INR ($0.0468) per kWh
• Azure bid for 250 MW capacity, but won 200 MW for a tariff of 3.06 INR ($0.0468)

A 500 MW grid connected solar PV tender issued by Gujarat Urja Vikas Nigam Limited (GUVNL) in February 2018 has received a bid as low as 2.98 INR ($0.0456) per kWh from Gujarat based infrastructure development firm Kalthia Engineering and Construction Ltd., which has won 50 MW capacity for this price, according to local media.

Another 150 MW has been won by Gujarat State Electricity Corporation Limited (GSECL) for 3.00 INR ($0.0459) per kWh, while Acme Solar Holdings Limited has secured 100 MW for 3.06 INR ($0.0468) per kWh. According to Mercom India Research, Azure Power had bid for 250 MW, but won 200 MW, also for 3.06 INR ($0.0468) per kWh.

GUVNL launched this 500 MW tender with an additional offer for 500 MW as greenshoe option. Within 10 days after the financial bid opening, bidders will be able to compete for the additional capacity at the lowest tariff rate received for the original tender (see 500 MW PV Tender For India's Gujarat).

Mercom India Research reported that GUVNL had received a total technical bids for 1,590 MW, against the 500 MW capacity tendered.

GUVNL has to meet 1.75% of solar renewable purchase obligation (RPO) for 2017-18. For the coming year, it would need to have solar power capacity addition of 500 MW to meet its 3.25% solar RPO.

Also in March, Karnataka Renewable Energy Development Limited (KREDL) auctioned 550 MW out of a 1,200 MW project for the lowest bid of 2.91 INR ($0.0447) per kWh. The bid came from ReNew Power Ventures that won 300 MW of the auctioned capacity (see KREDL Auctions 550 MW).