Gujarat Urja Vikas Nigam Limited (GUVNL) has released a global tender for the development of 500 MW of wind capacity in the state. To be eligible for bidding, foreign players are required to form a special purpose vehicle under the Indian Companies Act. The scope of work includes the development of wind projects and transmission infrastructure up to the delivery point. In addition, under the greenshoe option, GUVNL will allow interested developers to generate an additional 500 MW of wind power at the lowest quoted tariff. While the minimum project capacity required for bidding by a single developer is 25 MW, no upper tariff ceiling has been set. The PPAs will be signed within one month from the date of issue of the letter of award and will be valid for 25 years from the commercial operation date of the project. The successful developers are required to secure the financing arrangements within seven months from the date of signing the PPA.