Results for Gujarat Urja Vikas Nigam Limited’s (GUVNL) auction to develop 500 MW of grid-connected solar power projects, phase XXIV, have been announced. The tender was announced with a greenshoe option of additional 500 MW. The tender for the project was issued in March 2024. KPI Green Energy has won 120 MW by quoting the lowest tariff of Rs 2.67 per kWh. Avaada Energy has won 200 MW and Solarcraft Power India 5 (BluPine Energy) has won 40 MW by quoting Rs 2.68 per kWh and Rs 2.69 per kWh, respectively. Other companies have won the following capacities: Hinduja Renewables Energy – 130 MW and NRC Industries– 10 MW, by quoting a tariff of Rs 2.72 per kWh.
Projects that are either completed or in the process of being completed, without a long-term power purchase agreement with any agency, and those that sell hybrid power on a merchant or short-term basis will also be given consideration for the tender. These projects must not have been approved under state or central programmes and should not be obliged to distribute power to any other recipients. Furthermore, GUVNL has mandated the use of indigenously manufactured solar modules listed in the Approved List of Models and Manufacturers.