GUVNL floats tender for solar projects

19 Jul 2022 CW Team

Gujarat Urja Vikas Nigam (GUVNL) is seeking proposals for Phase XVI of grid-connected solar projects totaling 750 MW, with a greenshoe option for an additional 750 MW of capacity. The deadline for submitting online bids is August 23, 2022. The day of the bid opening is August 26.

The winning bidders and GUVNL may agree to a power purchase agreement (PPA) that will last for 25 years starting on the project's anticipated commercial operation date.

An earnest money payment of 400,000 ($5,028)/MW is required from bidders. After the issuance of the letter of intent and before signing the PPA, the selected bidder should provide a performance bank guarantee (PBG) in the amount of 944,000 ($11,868)/MW.

25 MW should be the bare minimum project capacity.

If a single business submitted the winning bid, it may also execute the project through a special purpose vehicle (SPV) that has at least 76 percent of the shares registered under the Indian Companies Act, 2013, prior to the PPA's signature.

The bidders' net worth should not be less than 8 million ($100,576)/MW of the quoted capacity as of the final day of the previous financial year. Any bidder from a nation that borders India on land will be permitted to place a bid.

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