Gujarat Urja Vikas Nigam Limited (GUVNL) filed a petition before the Gujarat Electricity Regulatory Commission seeking approval for the adoption of the tariff discovered under the competitive bidding process. The bidding was conducted through Request for Selection (RfS) No. GUVNL/250 MW/Solar (Phase XXVI), dated January 18, 2025. This process involved an e-reverse auction for the procurement of 250 MW of grid-connected solar photovoltaic (PV) power projects, which may be new, under construction, or already commissioned, from anywhere in India. The RfS also included a Greenshoe option for an additional capacity of up to 250 MW, without any energy storage component.
The matter was listed for hearing on July 24, 2025. During the hearing, the petitioner’s representative presented the case and responded to queries raised in the previous hearing on July 17, 2025. One of the key issues raised by the Commission was whether GUVNL had verified the net worth criteria of all successful bidders, both for the base capacity and the additional Greenshoe capacity. And, confirmed that GUVNL had evaluated the net worth of all the successful bidders as per the requirements in the RfS, which specified a net worth threshold of ₹0.928 crore per MW.
The petitioner submitted details from the technical bid evaluation report, showing that Welspun Renewable Energy Private Limited had a net worth of ₹1,191.74 crore, Avaada Energy Private Limited had ₹7,065.71 crore, and SAEL Industries Limited had ₹2,390.17 crore as of March 31, 2024.
The Commission also enquired about the Capacity Utilization Factor (CUF) quoted by the bidders. Mr. Jani stated that Welspun quoted a CUF of 28.9%, Avaada quoted 22%, and SAEL quoted 29%.
Representatives of SAEL Industries Limited and Avaada Energy Private Limited appeared during the hearing and submitted that they had no objection to the adoption of the tariff discovered through this competitive bidding process. However, no one appeared on behalf of Respondent No. 1, Welspun Renewable Energy Limited, despite prior notice of the hearing. The Commission also noted that there was no communication from Welspun regarding its absence.
The Commission acknowledged the completion of arguments from all present parties and allowed them to submit any further written submissions within a week. With all parties having presented their arguments, the Commission has now reserved the matter for final order.
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