Sprng Energy With Rs 2.51 Bid Leads Winners List in GUVNL 500 MW Solar Auction

Sprng Energy (200 MW), ib Vogt Singapore (130 MW), Hinduja Renewables (120 MW) and Blupine (Solarcraft Power India)  (50 MW) have walked away with the allotments to develop solar power for GUVNL. While Sprng bid at Rs 2.51/unit, the remaining three winners bid at Rs 2.52 per unit. The tender, released in October last year, saw majors like Mahindra Susten and Acme Solar miss out, with the latter having bid for 300 MW at Rs 2.54, as compared to Susten’s 200 MW bid at Rs 2.53.

Such close bids and demand augurs well for the state entity, as and when it goes for newer auctions this year. The bids also followed predictions we reported on during December that tenders from quality discoms would attract bids at around the Rs 2.50 mark.

GUVNL has been tendering regularly for solar procurement to meet its renewable purchase obligations, with this tender specifying a minimum project size of just 25 MW, anywhere in India.

Besides that, it had been clarified that the projects under construction, those that are not yet commissioned, or projects already commissioned but without any long-term PPA with any agency will also be considered for this tender. And GUVNL will enter into a power purchase agreements (PPAs) with the successful bidders for a period of 25 years from the scheduled commercial operation date (SCOD) of the project.

While the winning bid from Sprng Energy is higher than the all time low of Rs 1.99 that GUVNL had managed in 2020, the bid compares well to the bids it had received for the 750 MW tender just a month before this one.