GUVNL Issues RfS for 250 MW Grid-Connected Solar Projects

GUVNL has issued an RfS for the procurement of power from 250 MW grid-connected solar photovoltaic projects across India, including existing and under-construction projects. The process will involve competitive bidding followed by an e-reverse auction, excluding energy storage.

The RfS, issued on 18th January 2025, includes a Greenshoe option for an additional 250 MW capacity. Bidders must register for the pre-bid meeting by 23rd January 2025 and submit queries by 27th January 2025. The RfS is available for download from the date of issue.

The pre-bid meeting will take place on 30th January 2025 via video conferencing. The bid submission deadline is 10th February 2025 (online) and 12th February 2025 (offline). Technical bids will open on 13th February 2025. The cost of the RfS document is INR 25,000 plus 18 percent GST, and a processing fee of INR 3,00,000 plus 18 percent GST applies. An Earnest Money Deposit (EMD) of INR 9,28,000 per MW is required.

As per its eligibility criteria, the RfS mandates that a bidder, including its parent company, affiliates, and group companies, can only submit a single bid. The minimum bid capacity is set at 50 MW for interstate-connected projects and 10 MW for State Transmission Utility (STU) connected projects. The submission of multiple bids by any entity or its affiliates will render all bids invalid.

The RfS outlines both financial and technical eligibility requirements. A bidder must ensure that it holds at least 51 percent of the shareholding in the Special Purpose Vehicle (SPV) or project company for one year from the Scheduled Commercial Operation Date (SCOD), except with prior approval from the Procurer. Promoters must not transfer control of the bidding company or consortium until at least one year after the SCOD. For foreign bidders, it is necessary to form a fully owned subsidiary SPV under the Indian Companies Act, 2013, before the PPA signing. Additionally, foreign bidders must adhere to India’s Foreign Direct Investment (FDI) regulations.

On the technical front, only commercially proven and operational technologies will be eligible to mitigate technology risk and ensure timely commissioning. Bidders are required to submit detailed information on the technology they intend to use, following the Revised Approved List of Models and Manufacturers (ALMM) as prepared by the Ministry of New and Renewable Energy (MNRE).

Financial eligibility criteria include a minimum net worth requirement of INR 0.928 crore per MW of the quoted capacity based on the latest audited balance sheet or financial documents. For newly formed companies, supporting documents validating their net worth must be provided.

The RfS also specifies that Limited Liability Partnerships (LLPs) are ineligible to participate. All required documentation, including financial disclosures, must be submitted in Indian Rupees (INR). If financial data is presented in USD, the equivalent INR value will be calculated using the Reserve Bank of India’s reference rates for the relevant period.

This competitive bidding process, aimed at significantly boosting Gujarat’s renewable energy capacity, also underscores the state's dedication to ensuring high-quality and financially viable solar projects, with the possibility of additional capacity being added through the Greenshoe Option.