Gujarat Urja Vikas Nigam Limited (GUVNL) has successfully completed an auction for 250 MW of grid-connected solar photovoltaic (PV) projects. The auction included a greenshoe option for an additional 250 MW. The winning tariff for all awarded capacity was ₹2.60 per kWh.
Three companies secured contracts in this auction. Avaada Energy won 100 MW at ₹2.60 per kWh, SAEL Industries secured 100 MW at the same tariff, and Welspun Renewable Energy obtained 50 MW at ₹2.60 per kWh. All three companies submitted identical tariff bids for the total 250 MW capacity.
GUVNL had issued the Request for Selection (RfS) in January 2024 to procure solar power through a competitive bidding process followed by a reverse e-auction. The tender allowed bids from projects that are under construction, already commissioned, or planned to be developed anywhere in India.
The auction was open to bidders offering a minimum of 50 MW for interstate-connected projects and 10 MW for State Transmission Utility (STU) connected projects. The greenshoe option provided an opportunity to expand capacity by up to 250 MW if required. This auction marks another step in Gujarat’s efforts to enhance its renewable energy capacity.
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