Sprng Energy, IB Vogt, Hinduja, Blupine win GUVNL’s 500 MW solar auction

Sprng Energy, IB Vogt, Hinduja Renewables, and Blupine Energy have won the Gujarat Urja Vikas Nigam (GUVNL) auction to deliver power from 500 MW of grid-connected solar power projects (Tranche XVIII), with an additional 500 MW greenshoe option. With a quote of Rs 2.51 per kWh, Sprng Energy won 200 MW. At Rs 2.52 per kWh, IB Vogt, Hinduja, and Blupine respectively won 130 MW, 120 MW, and 50 MW. With a greenshoe option A of an additional capacity of up to 750 MW, the discovered tariff of Rs 2.51 per kWh is just marginally greater than the bid of Rs 2.49 per kWh, discovered in GUVNL’s auction in September 2022, to develop 750 MW of solar projects (Tranche XVI).

For 500 MW of solar projects (Tranche XI), the lowest price ever discovered in GUVNL’s solar auction was Rs 1.99 per kWh in December 2020. GUVNL intends to buy solar energy I n order to fulfil its commitment to purchase renewable energy and to satisfy the demands of distribution companies. The tender was floated in October 2022. The projects can be commissioned anywhere in the country and should be of at least 25 MW capacity.

In December 2022, ACME Group announced a 50 MW wind power project in Gujarat as the company signed a power purchase agreement (PPA) with GUVNL. The company was chosen for the project through a competitive bidding process based on tariffs for the purchase of electricity from grid-connected wind power projects. Also, as per the guidelines, the project should be completed within 24 months of signing the PPA.