GUVNL Phase II RfS: Acquisition of 500 MW from Hybrid RE Sources with Green Shoe Option for Additional 500 MW via Competitive Bidding and Reverse Auction Process

Gujarat Urja Vikas Nigam (GUVNL) has issued a request for proposals for the procurement of power from 500 MW grid-connected wind-solar hybrid renewable energy projects, with the opportunity to grow capacity by an additional 500 MW using the greenshoe mechanism.

This marks Phase II of the tender initiative, following the recent awarding of projects under Phase I to KPI Green Energy and Juniper Green Energy.

Bidders must submit their proposals by March 13, 2024, with bid opening scheduled for the following day.

A bid processing fee of ₹15 lakhs must be submitted by all bidders. A ₹928,000/MW earnest money deposit is required from them for the quoted capacity.

Upon successful bidding, the chosen bidder must provide a performance bank guarantee equivalent to ₹23.2 lakh per MW of allotted capacity after the issuance of the letter of intent and before signing the power purchase agreement (PPA).

Eligible projects include those under construction, not yet operational, or already operational without a long-term PPA with any agency selling power on a short-term or merchant basis.

However, such eligibility is contingent upon projects not being accepted under other central or state programs and having no obligations to existing buyers.

Successful bidders must execute a PPA with GUVNL within 30 days of the letter of intent issuance or within 10 days of the tariff adoption by the Gujarat Electricity Regulatory Commission, whichever is later.

To ensure timely commissioning and mitigate technology risks, only commercially established and operational technologies are permissible.

Bidders from countries sharing a land border with India are eligible, provided they are registered with the competent authority.

The bidder’s net worth must meet or exceed a calculated amount based on the installed capacity breakdown provided.

Wind turbine models certified and listed in the Revised List of Models and Manufacturers by the Ministry of New and Renewable Energy (MNRE) are approved, as are solar modules listed on the Approved List of Models and Manufacturers issued by the MNRE.