GUVNL Invites Bids for 625 MW Solar Projects with Greenshoe Option

Gujarat Urja Vikas Nigam Ltd (GUVNL) has issued an RfS to procure 625 MW of grid-connected solar power, with an additional 625 MW available through a Greenshoe option.

The tender is open to projects across India, new, under-construction or already commissioned, and will be awarded via competitive bidding followed by an e-reverse auction.

The RfS permits only one bid per developer, including its parent, affiliates or group companies. Minimum bid sizes are set at 50 MW for interstate projects and 10 MW for projects connected to state transmission utilities. Developers proposing multiple project sites must ensure separate delivery points, metering systems and interconnection arrangements. Successful participants may sign individual PPAs for each project through their main entity or dedicated SPVs.

The Greenshoe provision enables an extra 625 MW to be allocated to bidders willing to match the lowest tariff discovered (L1). Capacity will be distributed proportionally based on auction-winning allocations, and any unaccepted greenshoe capacity will be sequentially passed down the ranking. All terms remain identical to those of the base capacity.

The RfS follows a two-step submission process. Online bids are due by 15 December, with physical documents to be submitted at GUVNL’s Vadodara office by 17 December.Technical bids will be opened on 18 December, while financial bid opening and reverse e-auction dates will be announced separately to qualified bidders. The RfS document fee is INR 25,000 plus 18 percent GST, and the processing fee is INR 3,00,000 plus 18 percent GST. Bidders must also furnish an EMD of INR 9,28,000 per MW through a bank guarantee valid for six months in the prescribed format.

GUVNL has outlined stringent eligibility rules. Developers must retain at least 51 percent shareholding in the project company for one year after commissioning, unless exempted. Foreign bidders must establish an Indian subsidiary before signing the PPA. Only commercially proven technologies listed under MNRE’s ALMM are allowed. Projects must also install GPS-enabled Automatic Weather Stations and comply with CEA grid codes, cybersecurity norms and all applicable regulatory standards.

Bidders must show a net worth of INR 0.928 crore per MW, based on audited FY 2024–25 or FY 2024 financials. Affiliates may support this through formal undertakings. If a bidder qualifies for less than the capacity it seeks, its allocation will be scaled down to the eligible level, subject to minimum bid requirements.

Developers are fully responsible for transmission and connectivity, and must deliver power at the GETCO periphery. All costs related to connectivity, metering and energy accounting up to the delivery point will be borne by the bidder. Compliance with CERC and GERC procedures, including GNA norms, forecasting, scheduling and reactive power rules, is mandatory. No deemed generation is permitted for connectivity delays.

Interested bidders may refer the document for more details.