Gujarat Urja Vikas Nigam Limited (GUVNL) has successfully completed an auction for 625 MW of grid-connected solar photovoltaic (PV) projects under Phase XXVIII. The auction attracted strong interest from the renewable energy sector, with 23 companies participating in the tariff-based bidding process.
The auction discovered a competitive tariff range between ₹2.34 and ₹2.60 per kWh, reflecting continued cost efficiency and growing maturity in India’s solar market. The lowest tariff of ₹2.34 per unit was quoted by multiple developers. Among them, Welspun Renewable Energy and NLC India Renewables emerged as key winners, each securing 300 MW capacity at this rate.
Other developers who also matched the lowest tariff include Megodyna Renewables Energy, Krishna Choprindia, and Sunsure Green Energy, though their quoted capacities were smaller. This indicates intense competition among bidders aiming to secure capacity at the most competitive price levels.
A few developers submitted slightly higher bids. Terra Ocean quoted ₹2.35 per unit for 300 MW capacity. Soleos Energy and Heliac Power India offered tariffs of ₹2.45 per unit, while Sajju Industries placed a bid at ₹2.47 per unit. These bids remained close to the lowest discovered tariff, highlighting a tight bidding environment.
At the higher end, MB Power (Madhya Pradesh) and KPI Green Energy quoted ₹2.50 per unit for significant capacities. Other participants, such as Spring Energy, SAEL Industries, and PNC Infratech, submitted bids ranging from ₹2.54 to ₹2.58 per unit. The highest tariff in the auction was ₹2.60 per unit, quoted by Waaree Forever Energies for 600 MW capacity.
GUVNL had the Request for Selection (RfS) for this tender in November 2025. The projects are planned without energy storage components. The tender also includes a Greenshoe option, allowing GUVNL to procure an additional 625 MW capacity. This means the total capacity could potentially increase to 1,250 MW, depending on future decisions.
Overall, the auction reflects strong investor confidence and sustained momentum in India’s solar power sector, driven by competitive pricing and large-scale participation.
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