GUVNL had annulled the 700 MW Raghanesda Solar Park tender in January 2019 because it considered the bids it received to high. It re-tendered the capacity capping tariffs at INR 2.70 ($0.0387) per kWh. The auction finally has received bids in the range of INR 2.65 and INR 2.70 ($0.0380 and $0.0387) per kWh, said Mercom.
- The 700 MW re-tender for Raghanesda Solar Park in Gujarat has received lowest bid of INR 2.65 ($0.0380) per kWh from Engie’s Electro Solaire, according to Mercom India Research
- Two state entities, GIPCL and GSECL, have each secured 100 MW for similar tariff of INR 2.68 ($0.0384) per kWh, while Tata Power bid at the ceiling tariff of INR 2.70 ($0.0387) per kWh
- Another big tender from Gujarat for Dholera solar park received only 300 MW of bids for 1 GW tendered
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French company Engie’s local presence Electro Solaire has quoted INR 2.65 ($0.0380) per kWh and emerged as the lowest bidder (L1) for the 700 MW solar power tender issued by the Gujarat Urja Vikas Nigam Limited (GUVNL) in India for Raghanesda Solar Park Phase III-R. It has secured 200 MW out of the total capacity.
Mercom India Research identifies other winning bidders as state government entities, namely Gujarat Industries Power Company Limited (GIPCL) and Gujarat State Electricity Corporation Limited (GSECL), both of whom claimed 100 MW each offering tariff of INR 2.68 ($0.0384) per kWh.
Tata Power’s INR 2.70 ($0.0387) per kWh won it 100 MW capacity even though it bid for 200 MW.
Having scrapped the auction first time around in January 2019 after the lowest bid received was determined to be INR 2.84 ($0.046) per kWh, GUVNL re-tendered the capacity in March 2019 capping tariffs at INR 2.70 ($0.038) per kWh (see 700 MW Solar Tender Re-Issued In Gujarat).
Mercom recently reported the re-tender was undersubscribed by 100 MW (see 200 MW Solar Power Procurement Tender In India). On the other hand, another 1 GW Dholera solar tender of GUVNL has received bids totaling only 300 MW submitted by 2 bidders, which Mercom expects to be GIPCL and Tata Power.