The Gujarat Urja Vikas Nigam Limited (GUVNL) has launched Phase II of its ambitious renewable energy initiative, inviting bids for the procurement of power from 500 MW grid-connected wind-solar hybrid projects. This phase also includes the provision for expanding the capacity by an additional 500 MW through the greenshoe option, a move aimed at further bolstering Gujarat's renewable energy portfolio.
Following the recent awarding of contracts for Phase I projects to KPI Green Energy and Juniper Green Energy, GUVNL is moving swiftly to advance its renewable energy agenda. Interested parties have until March 13, 2024, to submit their bids, with bid openings scheduled for the following day.
Prospective bidders must adhere to stringent financial requirements, including a bid processing fee of ₹1.5 million ($18,083.07) and an earnest money deposit of ₹928,000 ($11,146)/MW of quoted capacity. Additionally, successful bidders will be required to furnish a performance bank guarantee equivalent to ₹2.32 million (~$27,866)/MW of allocated capacity before signing the power purchase agreement (PPA).
Eligibility criteria encompass various project statuses, including those under construction, not yet operational, or lacking a long-term PPA. However, projects must not have existing obligations under other state or central programs and should mitigate technology risks by employing established and operational technologies.
Bidders from countries sharing a border with India are eligible to participate, provided they are registered with the competent authority. Furthermore, financial stability is a prerequisite, with the bidder's net worth required to meet or exceed specified thresholds based on the project's solar PV and wind power components.
To ensure adherence to quality standards, only certified wind turbine models listed by the Ministry of New and Renewable Energy (MNRE) and solar modules approved by the MNRE will be permitted for use in the projects.
Successful bidders must finalize a PPA with GUVNL within 30 days of receiving the letter of intent or within 10 days of tariff adoption by the Gujarat Electricity Regulatory Commission, whichever is later.
With its latest tender, Gujarat reaffirms its commitment to renewable energy expansion, positioning itself as a frontrunner in India's transition towards sustainable power generation.
GUVNL's emphasis on technology reliability and financial stability underscores its dedication to facilitating the growth of renewable energy infrastructure, contributing to both environmental sustainability and energy security in the region.
