KPI Green Leads Again With Lowest Bid In 500 MW GUVNL Auction

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Surat-based KPI Green Energy (Rs2.67), Avaada Energy (Rs 2.68), Solarcraft Power  India -BluPine (Rs 2.69) , Hinduja Renewables and NRC Industries (Rs 2.72) have emerged winners in the 500 MW solar auction from Gujarat Urja Vikas Nigam Limited (GUVNL). The tender, released in March this year, continues the trend of state discoms attracting bids over Rs 2.50, but not by a significant margin so as to cause worries yet.

Even as KPI Green won 120 MW under the bucket filling method, Avaada walked away with a 200 MW allotment, and Hinduja Renewables with a 130 MW allotment. Solarcraft from BluPine won 40 MW, leaving the final 10 MW for NRC Industries.

The results underlined the strengths of Gujarat based KPI Green in its home state, where it has been a particularly active bidder in recent months, and outbidding larger players as it continues to build a growing portfolio of projects, both solar and Hybrid. Avaada has also been ramping up and hopes to add its highest ever capacity this financial year.

LIke KPI Green, for Hinduja Renewables too this was a second significant project win within a week, after the success the two enjoyed in GUVNL’s 500 MW hybrid tender

The GUVNL tender allows existing or even under construction solar projects that are not committed to any customer or in a long term power arrangement, to be included in this tender.

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Improving financials and payment terms from many discoms implies a pick up in tendering that will continue to attract strong bidding interest at good prices. Keeping in mind that all these tenders will be under the new ALMM regime, customers can expect to pay a 10-15% premium if they compare with the non-ALMM regime at current international prices from China.

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