SECI, a Navratna company, will enter into a 25-year power purchase agreement (PPA) with the successful bidder. The power generated will be sold to Gujarat Urja Vikas Nigam. The selected project will qualify for viability gap funding (VGF) of up to Rs 81.28 million per MW of the contracted capacity. This VGF will be distributed in four phases: 25% upon foundation completion, 35% after commissioning 50% of the project, 35% upon full commissioning, and the final 5% after one year of successful operation.

The Ministry of New and Renewable Energy (MNRE) or its designated agency will execute a 'Seabed Lease Deed' with the developer for a 35-year period. The developer must pay an annual lease fee of Rs 100,000 per square kilometer throughout the lease term. The winning bidder will be responsible for conducting seabed surveys and related development activities. Selection will be conducted through an e-bidding process followed by an e-reverse auction, with the site allocated to a single bidder for the entire project. (ET)