Gujarat Urja Vikas Nigam Ltd. (GUVNL) has issued a tender to procure up to 500 MW of solar power, on top of an additional 500 MW. Bidding closes on May 18.

From pv magazine India

GUVNL, a state electricity regulation board in the Indian state of Gujarat, wants to procure up to 500 MW of solar power from non-park-based PV projects and an additional 500 MW under a greenshoe option.

The projects will be awarded through domestic competitive bidding, followed by an e-reverse auction. GUVNL will enter into a 25-year power purchase agreement (PPA) with the successful bidders.

The successful bidders will set up solar power projects to supply the power. The minimum project capacity will be 25 MW. Solar projects will be set up near existing wind farms connected to the grid, subject to the availability of spare capacity for renewables integration.

Up to 500 MW of additional capacity through a greenshoe option will be offered to the successful bidders willing to execute PPAs with GUVNL at the lowest tariff (L1 rate) secured under the competitive bidding process. Under-construction projects without any PPAs with existing buyers will also be eligible to participate in the tender.