Softbank's SB Energy has emerged as the lowest bidder for the 700 MW PV tender launched by Gujarat Urja Vikas Nigam Ltd. (GUVNL) in September 2018 (see GUVNL Tenders 700 MW PV). It offered INR 2.84 ($0.0406) per kWh, which resulted in a winning capacity 250 MW, according to Mercom India Research.
Fortum Solar Plus Private Limited was next in line with the second lowest bid of INR 2.89 ($0.0413) per kWh and won 250 MW as well. Engie's Electro Solaire Private Limited offered INR 2.89 ($0.0413) per kWh for 250 MW, but managed to win only 200 MW. Other contenders that the trio beat included Indian heavyweights Adani, Tata Power, Mahindra and Gujarat Industries Power Company Ltd. (GIPCL).
The lowest tariff offered by SB Energy is quite a bit higher than the INR 2.44 ($0.0338) per kWh achieved after re-tendering 500 MW by GUVNL in September 2018 (see 500 MW Gujarat Auction Achieves INR 2.44/kWh Bid).
All this capacity in Gujarat will be developed in Phase III of the Raghanesda Solar Park in Banaskantha district that's being developed by the Gujarat Power Corporation Limited (GPCL). Mercom India Research had earlier reported the tender was oversubscribed – 1,750 MW of bids came in against 700 MW capacity on offer.