In January 2019 Torrent Power Ltd had issued Tender for procurement of 300 MW solar power and had requested for selection for purchase of power through competivite bidding process followed by e-reverse auction from grid connected solar PV project in Gujarat. Due to tepid response, the tender got reissued in August 2019.
Torrent Power is one of the leading brands in the Indian power sector. With an all-round experience in generation, transmission and distribution of power, and a proven track record of implementing large power projects, the Company is the most experienced private sector player in Gujarat. The Company is also engaged in manufacturing and supply of power cables. Torrent Power operates in the renewable energy segment with 787 MW capacity taking the aggregate installed generation capacity to 3879 MW.
The company reissued the tender in December 2020 and the last date of submission was January 18, 2021. The tender was oversubscribed, Adani Green Energy, Torrent Power, ReNew Power, Juniper Green Energy, and Vector Green Energy have placed bids against the tender. Torrent Power had issued an addendum modifying the capacity addition clause to allow for an additional capacity of 300 MW under the greenshoe option. A greenshoe option is an over-allotment option offered to bidders when bids received exceed the originally tendered capacity. The company had offered the additional capacity to successful bidders ready to execute a power purchase agreement with Torrent Power’s Distribution division at the lowest tariff discovered in the competitive bidding process.
Torrent Power Generation and Adani Green Energy are winners in Torrent Power Limited’s auction to develop 300 MW of grid-connected solar projects in Gujarat. Adani Green and Torrent Power quoted a tariff of ₹2.22 (~$0.03)/kWh and were awarded capacities of 150 MW each.
NTPC Ltd Invited online bids on behalf of its wholly own subsidiary i.e NTPC Renewable Energy Ltd. from eligible bidders on Single Stage Two Envelope (i.e. Envelope-I: Techno-Commercial Bid and Envelope-II: Price Bid) with Reverse Auction for EPC PACKAGE WITH LAND FOR DEVELOPMENT OF GRID CONNECTED SOLAR PV PROJECTS (UPTO 300 MW) IN GUJARAT.