Gujarat Urja Vikas Nigam Ltd (GUVNL) plans to purchase 600 MW of solar electricity from projects in the 600 MW Khavda solar park, with an additional 600 MW available under the greenshoe option.
According to the tender guidelines, competitive bidding will be used to award the projects. GUVNL may opt to enter into a power purchase agreement (PPA) with the successful bidders for a period of 25 years beginning with the project’s anticipated commercial operation date.
Also, each developer must bid for a minimum capacity of 100 MW and only in multiples of 100 MW. The greenshoe option will provide extra capacity of up to 600 MW to winning bidders who are ready to negotiate PPAs with GUVNL at the lowest tariff discovered during the competitive bidding process.
Recently, The winners of GUVNL’s tender for 800 MW of solar power with an extra 800 MW under the greenshoe option were announced. The winning companies include SAEL Industries, NLC India, and KPI Green Energy. The selected developers will build and operate solar power plants at Khavda Solar Park. SAEL Industries obtained 400 MW and NLC India obtained 300 MW at a rate of Rs 2.71 per kWh. KPI Green Energy was awarded 100 MW at Rs 2.70 per kWh.
Also, in May 2023, GUVNL awarded its auction to deliver power from 600 MW of grid-connected solar power projects (Phase XVII) at the Khavda Solar Park in Gujarat to NHPC, SJVN Green Energy, and NTPC Renewable Energy. The auction has a greenshoe option of 600 MW available to the developers. NHPC won a capacity of 200 MW by quoting Rs 2.73 per kWh. SJVN Green Energy was awarded a capacity of 200 MW at Rs 2.88 per kWh. NTPC Renewable Energy got 200 MW of the 400 MW specified capacity using the bucket-filling method, quoting Rs 2.89 per kWh.
