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GUVNL Floats Tender for 625 MW Solar Projects with an Additional 625 MW Greenshoe Option

Gujarat Urja Vikas Nigam Ltd. (GUVNL) has issued a Request for Selection (RfS) to procure 625 MW of grid-connected solar power, with an additional 625 MW available under a Greenshoe option.

The tender, open to projects across India—whether new, under construction, or already commissioned—will be awarded through competitive bidding followed by an e-reverse auction.

The RfS restricts developers to a single bid, inclusive of their parent entities, affiliates, or group companies. Minimum bid requirements are 50 MW for interstate transmission system (ISTS) projects and 10 MW for projects connected to state transmission utilities (STUs). Developers proposing multiple project locations must ensure separate delivery points, metering systems, and interconnection arrangements. Successful bidders may sign individual PPAs for each project through either their primary entity or dedicated SPVs.

The Greenshoe provision allows bidders willing to match the lowest tariff (L1) to secure additional capacity, allocated proportionally based on their auction-winning quantum. Any unclaimed Greenshoe capacity will be passed sequentially to bidders lower in rank. All Greenshoe projects must abide by the same terms and conditions as the base capacity.

The RfS follows a two-step submission process. Online submissions are due by 15 December, followed by physical document submission at GUVNL’s Vadodara office by 17 December. Technical bids will open on 18 December, while dates for financial bid openings and the reverse auction will be shared with qualified bidders. The RfS document fee is Rs 25,000 + 18% GST, and the processing fee is Rs 3,00,000 + 18% GST. Bidders must also submit an EMD of Rs 9,28,000 per MW via a six-month bank guarantee in the prescribed format.

GUVNL has set strict eligibility conditions. Developers must retain at least 51% shareholding in the project entity for one year post-commissioning, unless exempted. Foreign bidders must establish an Indian subsidiary before signing the PPA. Only MNRE-approved ALMM-listed technologies are permitted. Projects must install GPS-enabled Automatic Weather Stations, adhere to CEA grid codes, comply with cybersecurity requirements, and meet all regulatory standards.

Financial norms require bidders to have a minimum net worth of Rs 0.928 crore per MW, based on audited FY 2024–25 or FY 2024 accounts. Affiliate support is permitted through formal undertakings. If a bidder qualifies for a lower capacity than requested, allocations will be scaled down accordingly, subject to minimum bid rules.

Developers bear full responsibility for transmission arrangements, including connectivity and delivery of power at the GETCO periphery. Costs related to connectivity, metering, and energy accounting up to the delivery point will be the bidder’s responsibility. Compliance with CERC and GERC procedures, including GNA regulations, forecasting, scheduling, and reactive power management, is mandatory. No deemed generation will be allowed in the event of connectivity delays.