GUVNL Invokes Greenshoe Option For 880 MW Grid-Connected Solar Projects

GUVNL Procures 500 MW With Competitive Tariffs in Grid-Connected Solar Power Expansion

Gujarat Urja Vikas Nigam Limited (GUVNL) has announced its plans to secure 500 MW of power from grid-connected solar photovoltaic (PV) projects. GUVNL has floated the tender for the purchase of power from 500 MW Grid Connected Solar Photovoltaic Power Projects to be set up/under construction/already commissioned projects anywhere in India with Greenshoe Option of additional capacity up to 500 MW without energy storage through a competitive bidding process.

A total of 8 responses for an aggregate capacity of 880 MW were received by GUVNL. The technical bids were opened on 18.12.2023 on the e-biding portal as per the tender timeline. The net worth of the Bidder or its Affiliate or Parent/Ultimate Parent as of the date of the financial year ending 31.03.2023 or 31.12.2022 as on the latest available date as the case may be, shall not be less than Rs 0.928 Crores per MW.

SJVN Green Energy Limited, Hinduja Renewables Energy Pvt. Limited,  Avaada Energy Private Limited, Solarcraft Power India 5 Pvt. Limited, Sprng Energy Private Limited, Mahindra Susten Private Limited, and Juniper Green Energy Private Limited are as per the result generated at the closure of the E-Reverse Auction on the e-bidding portal for 680 MW.

The CERC noted that the petitioner provided the provisions for allocating additional capacity up to 500 MW under the Greenshoe Option at the lowest tariff (L1 rate) discovered under the competitive bidding process (followed by e-reverse auction). Accordingly, GUVNL vide emails dated 30.12.2023 had requested all successful bidders to convey their willingness to avail Greenshoe Option at an L1 tariff of Rs. 2.63 per unit. In response to the same, M/s SJVN Green Energy Limited vide its letter dated 02.01.2024 confirmed to avail an additional 100 MW as Greenshoe
Capacity at L1 rate under Greenshoe Option.

SJVN Green Energy Limited of 100 MW at the tariff of Rs. 2.63 per unit, Hinduja Renewables Energy Pvt. Limited of 140 MW at the tariff of Rs. 2.64 per unit, Avaada Energy Private Limited of 100 MW at the tariff of Rs. 2.65 per unit,  Solarcraft Power India 5 Pvt. Limited of 50 MW at the tariff of Rs. 2.65 per unit, Sprng Energy Private Limited of 150 MW at the tariff of Rs. 2.66 per unit, Mahindra Susten Private Limited of 100 MW at the tariff of Rs. 2.67 per unit, and Juniper Green Energy Private Limited of 40 MW at the tariff of Rs. 2.79 works out to 680 MW.

The tender floated by the Petitioner also provides the provisions for allocating additional capacity up to 500 MW under the Greenshoe Option at the lowest tariff (L1 rate) discovered under the competitive bidding process. Hence the commission noted that it is satisfied with the entire tendering process including the e-reverse bidding transparently conducted by the petitioner and discovered the tariff of successful bidders with quoted capacity and allocated capacity.

Gujarat government has set the target to generate 50 percent of the power from renewable sources by 2030. The state government expects to attract investment of nearly Rs 5 lakh crore in the renewable energy sector with the help of this policy.