The Indian state of Gujarat, through its state-owned power utility Gujarat Urja Vikas Nigam (GUVNL), has invited bids for 750 MW of grid-connected solar projects, with a greenshoe option (over-allotment option) of an additional capacity up to another 750 MW.
Bidders must submit INR400,000/MW (US$5,028/MW) as a deposit. The successful bidders will deliver a performance bank guarantee of INR944,000/MW (US$11,868/MW) after the issuance of the letter of intent and before signing the power purchase agreement (PPA). GUVNL will enter into a 25-year PPA with the selected developers. Bids can be submitted until 25 August 2022. The minimum project capacity is 25 MW.
In 2021, solar and wind accounted for nearly 20% of installed capacity in India, with respectively 49 GW and 40 GW. The country aims to develop 175 GW of renewable capacity by the end of 2022, including 100 GW of solar.
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