Winning Developers to Set Up Grid-Connected Projects on Build-Own-Operate Basis
Gujarat Urja Vikas Nigam Ltd (GUVNL) has successfully allocated 500 MW of hybrid wind-solar projects at an average price of INR 3.36 ($0.040) per kWh. This allocation follows GUVNL’s recent tender for 500 MW hybrid renewable energy (RE) projects, which also includes an additional green shoe option for up to 500 MW.
Competitive Bidding Yields Low Tariffs
KPI Green Energy emerged as a significant player, winning a 50 MW capacity by quoting the lowest tariff of INR 3.33 per kWh. Juniper Green Energy secured a 120 MW capacity at INR 3.34 per kWh. The remaining 330 MW was allocated to JSW Energy and Hinduja Renewables, each securing 180 MW and 150 MW respectively, at a price of INR 3.39 per kWh.
Long-Term Agreements and Future Capacity
The successful bidders will set up grid-connected hybrid RE power projects on a build-own-operate basis, with the flexibility to establish these projects anywhere in India. GUVNL will enter into a 25-year power purchase agreement with the winning developers. Additionally, GUVNL may allocate and tie-up additional capacity up to 500 MW under the ‘Greenshoe Option,’ depending on future requirements and opportunities.
Emphasizing Proven Technologies and Indigenous Components
GUVNL mandates the use of commercially proven and operational technologies to minimize technological uncertainties and ensure the timely commissioning of projects. The tender also requires the use of indigenously manufactured solar modules listed in the Approved List of Models and Manufacturers (ALMM). Similarly, only certified wind-turbine models listed in the Ministry of New and Renewable Energy’s Revised List of Models and Manufacturers (RLMM) are permitted.
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