GUVNL Issues 250 MW Grid-Connected Wind Tender With Greenshoe Option

Gujarat Urja Vikas Nigam Ltd (GUVNL) recently issued a 250 MW grid-connected Wind Power tender (Phase X) with an additional capacity of up to 250 MW under the ‘Greenshoe Option’. It's accepting bids till November 3, 2025. 

The tender offers a minimum 10 MW bidding capacity for Intra-State Projects and a minimum 50 MW bidding capacity for Inter-State Projects. The tender also specifies an annual CUF of not less than 25%, and bidders offering a minimum annual CUF of less than 25% will be declared non-responsive, with their bid rejected and EMD forfeited.

Scope of Work

The bidder is expected to undertake responsibilities such as making land arrangements and acquiring the land required for the project, and furnishing documents/lease agreements to establish possession to use 100% of the required land in the name of the Successful Bidder for a period not less than the complete term of the PPA. The bidder will also be responsible for providing Bank Guarantees to GUVNL, including:

• Earnest Money Deposit (EMD) of Rs. 13 Lakh/MW in the form of a Bank Guarantee along with the submission of the bid.
• Performance Bank Guarantee (PBG) of Rs. 32 Lakh/MW at the time of signing the PPA.

The tenderers are also required to declare the annual CUF of their project at the time of signing the PPA, which may be revised once within the first three years of CSD. The declared annual CUF shall, in no case, be less than 25%. The Successful Bidders are also required to maintain generation to achieve an annual CUF within ±20% of the declared CUF during the 25-year PPA duration. In case of excess generation over 20% of the declared annual CUF, the bidder may sell it to any other entity, provided the first right of refusal vests with GUVNL. 

Previous Tenders

Previously, GUVNL awarded its 250 MW (Phase IX) grid-connected wind power project to companies such as KPI Green Energy, Juniper Green Energy, JGRJ Four Renewable (Jakson Green), and Inox Neo Energies (Inox Clean Energy). The tender includes a Greenshoe option for an additional 250 MW in Gujarat. Among the winning bidders, KPI Green Energy received the largest allocation, securing 100 MW at the lowest quoted tariff of ₹3.64/kWh.

Other winning bidders include Juniper Green Energy and JGRJ Four Renewable, each securing 50 MW at ₹3.65/kWh and ₹3.66/kWh, respectively. Inox Neo Energies was awarded 50 MW out of the 100 MW it bid for at ₹3.66/kWh under the bucket-filling method.

In a separate tender, KPI Green won a 150 MW allocation in GUVNL’s 250 MW wind tender, which included a Greenshoe option for an additional 250 MW capacity. KPI Green Energy, based in Gujarat, has received a Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited (GUVNL) to develop a 150 MW grid-connected wind power project, according to a regulatory filing by the company.