SJVN Looking to Acquire Hydro and Solar PV Projects

An EOI has been issued by SJVN

The Satluj Jal Vidyut Nigam (SJVN), a joint venture of Government of India and the Government of Himachal Pradesh, is on the lookout for solar PV and hydropower projects for acquisition. With this, SJVN becomes second government agency after NTPC to go for acquisition recently for expansion.

SJVN has issued an expression of interest (EOI) according to which any independent power producers (IPPs), power generation companies, power plant developers, State Electricity Boards, lenders owning hydro/solar power projects in Indian states are eligible for offering Hydro/Solar Power Projects for possible acquisition by SJVN.

The initial deadline to submit EOI is August 31, 2020 after which the bids will be opened on September 1, 2020, per the SJVN. The SJVN is looking at long-term inorganic growth by way of acquisitions and has put in a provision wherein developers and interested parties can keep submitting EOIs till 2021.

For the applications received after August 31, 2020, schedule of opening of applications shall be as follows; for applications received up to September 31, 2020 bid opening date will be November 1, 2020; for applications received up to December 31, 2020, bid opening date will be January 1, 2021; for applications up to February 28, 2021, bid opening date will be March 1, 2021; and for applications submitted up to March 30, 2021, bid opening date will be March 31, 2021.

It has been specified that applicants shall provide access and supply all information and documents to SJVN that are deemed necessary for preliminary as well as detailed due diligence to be carried out by SJVN for possible acquisition.

To improve transparency and fairness in the process, the SJVN is implementing Integrity Pact. The Integrity Pact, signed by all the prospective parties and the SJVN, shall commit the persons/officials of both the parties, not to exercise any corrupt/fraudulent/collusive/coercive practices in the process and also during implementation of this EOI. Only those parties who have entered into ‘Integrity Pact’ with the SJVN shall be eligible to participate in the EOI process.

Recently, SJVN, issued a tender, inviting bids from eligible firms and Solar Power Developers (SPDs) for setting up of 100 MW grid-connected solar PV power plant at the Dholera Solar Park in Gujarat.