GUVNL Floats 500 MW Solar Tender With Greenshoe Option

Gujarat Urja Vikas Nigam Ltd (GUVNL) has issued a tender to procure power from 500 MW of grid-connected solar photovoltaic (PV) projects without energy storage. The projects can be new, under construction, or already commissioned anywhere in India, and the tender includes a greenshoe option for an additional capacity of up to 500 MW.

The selection is part of GUVNL’s Phase XXVII solar procurement. Online bids are invited until June 13, 2025, while offline submissions will be accepted until June 17, 2025.

Project Scope

For developing an inter-state transmission system (ISTS)-connected projects, the GUVNL tender has set a minimum bid capacity is 50 MW, and for state transmission utility (STU)-connected projects, it is 10 MW. The projects must maintain a minimum annual capacity utilisation factor (CUF) of 22%. Bidders quoting below this threshold will be disqualified, with their earnest money deposit (EMD) forfeited.

According to the tender, the energy must be delivered at the Gujarat Energy Transmission Corporation (GETCO) periphery. Grid interconnection can be made either directly through a dedicated line or via a pooling substation of an existing wind farm.

The bid also specifies generation performance requirements. Developers must maintain generation within +10% and -15% of the contracted annual CUF for the first 10 years from the scheduled commissioning date (CSD), and within +10% and -20% for the remaining 15 years of the 25-year power purchase agreement (PPA). Annual CUF will be calculated for each financial year from April 1 to March 31, excluding the first and last contract years.

Financial Eligibility Criteria

The tender mandated the bidder to maintain a net worth as of the date of the financial year ending i.e., 31.03.2025 or 31.12.2024 or 31.03.2024 as the case may be, shall not be less than Rs. 0.928 Crores (Rs.92,80,000/-) per MW of the capacity quoted. GUVNL set the net worth of the bidder for base capacity as well as Greenshoe capacity a considered as on 31.03.2025 or 31.12.2024 or 31.03.2024, as the case may be.