A total of seven companies have won bids for the development of the 500 MW solar park project (Phase IV) in Gujarat. These are UPC Solar, Gujarat State Electricity Corporation Limited (GSECL), Adani Green Energy Limited (AGEL), Juniper Green Energy Private Limted (AT Holdings) and Renew Power Limited.
UPC Solar has won the bids for developing 50 MW capacity by quoting Rs 2.55 per kWh. Besides, GSECL, AGEL and Juniper Green Energy Private Limted (AT Holdings) have won the bids for developing 75 MW, 150 MW and 120 MW of capacity respectively by quoting Rs 2.67 per kWh. Renew Power Limited had submitted bids to develop 250 MW capacity, however, it has won the bids to develop 105 MW capacity by quoting Rs 2.68 per kWh.
The bids were issued by Gujarat Urja Vikas Nigam Limited (GUVNL). GUVNL will sign a power purchase agreement (PPA) with the successful bidder for a period of 25 years from the COD. The successful bidder must report tie-up of financing arrangements for the projects within 12 months from the date of execution of PPA.