Welspun Renewable Energy, Avaada Energy, and SAEL Industries have won Gujarat Urja Vikas Nigam Ltd.’s (GUVNL) auction to supply power from 250 MW of grid-connected solar projects across India, with a greenshoe option for an additional 250 MW. 

Welspun secured 50 MW, Avaada won 100 MW, and SAEL gained 100 MW out of its quoted 200 MW capacity — all at a tariff of Rs 2.60/kWh. The tender, floated in January 2025, allowed participation from both under-construction and commissioned projects without long-term power purchase agreements (PPAs). 

Bidders must choose interconnection through a Central Transmission Utility or Gujarat Energy Transmission Corporation substation, with projects eligible from any location in India. The minimum capacity offered was 50 MW for interstate and 10 MW for state transmission utility-connected projects. 

Winning bidders must maintain a minimum 22% capacity utilisation factor, with penalties for shortfall at 150% of the PPA tariff. The power purchase agreement with GUVNL will last 25 years. 

In December 2024, SAEL Industries was also among the winners of GUVNL’s Phase XXV auction for 500 MW of grid-connected solar projects. 

(Mercom)