Gujarat: GUVNL tenders 500 MW solar project

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GUVNL has tendered a 500 MW grid-connected solar PV power project to be set up anywhere in Gujarat under Phase II. The tender has a provision to install an additional 500 MW under the Greenshoe option.

Selected developers will take care of the entire project, including the transmission network up to the delivery/interconnection point, and its maintenance.

Furthermore, developers must bid for a minimum of 25 MW and only for one project each. The power generated from the plants will be sold to the Gujarat Energy Transmission Company Ltd (GETCO) for a period of 25 years.

The tender document stated: “Projects under construction, projects that are not yet commissioned, and projects already commissioned but do not have any long-term PPAs with any agency and selling power on short-term or merchant plant basis will, however, be considered in case these projects are not already accepted under any other Central or State Schemes.”

The tariff range is fixed between INR 2.3-4.0 ($0.035-0.062)/kWh. Bid submissions are due on March 19, 2018.

Greenshoe option
A greenshoe option is formerly known as an ‘over-allotment option’, which is more familiar in share markets during initial public offerings (IPO). It is a clause where an underwriter is allowed to buy an additional 15% of company shares at the offering price stated in the IPO agreement.

However, here it gives a possibility to set up extra power if the demand exceeds and is in compliance with the authority regulations.

The tender document stated: “An additional 500 MW capacity through the greenshoe option may be offered to  participating bidders, who are willing to execute PPAs with GUVNL at the lowest tariff (INR 2.3/kWh).”

Furthermore, priority shall be given to the Central PSUs/State PSUs/government-controlled organizations.

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