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					</table><p><a href="https://www.kpigreenenergy.com/" target="_blank" rel="noopener">KPI Green Energy</a>, <a href="https://www.junipergreenenergy.com/">Juniper Green Energy</a>, <a href="https://www.hindujarenewables.com/" target="_blank" rel="noopener">Hinduja Renewables Energy</a>, and JSW Neo Energy (<a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>) were declared winners in Gujarat Urja Vikas Nigam’s (<a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a>) auction to supply power from 500 MW grid-connected wind-solar hybrid projects with a 500 MW greenshoe option.</p>
<p>KPI Green quoted ₹3.33 (~$0.0399)/ KWh for 50 MW. Juniper won 120 MW at ₹3.34 (~$0.04) /kWh. Hinduja quoted ₹3.39 (~$0.0406)/ KWh for 150 MW.  JSW won 180 MW out of the quoted capacity of 200 MW at 3.39 (~$0.0406)/ KWh under the bucket filling method.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-66918 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1.png" alt="GUVNL's 500 MW Wind- Solar Hybrid Projects (Phase-II) Auction Result" width="787" height="317" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1.png 787w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1-300x121.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1-768x309.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1-650x262.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1-624x251.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/06/GUVNLs-500-MW-Wind-Solar-Hybrid-Projects-Phase-II-Auction-Result-1-600x242.png 600w" sizes="(max-width: 787px) 100vw, 787px" /></a></p>
<p>The tender was <a href="https://www.mercomindia.com/guvnl-floats-tender-wind-solar-hybrid-power/" target="_blank" rel="noopener">floated</a> in February this year.</p>
<p>The tender specified that projects under construction, those not yet operational, and those already in operation but without a long-term power purchase agreement (PPA) with any agency selling power on a short-term or merchant basis would be eligible. However, this eligibility criterion applies exclusively to projects that have not been accepted under any other central or state programs and do not have any obligations to existing buyers.</p>
<p>Successful bidders must enter into a PPA with GUVNL within 30 days of issuing the letter of intent or within ten days of the Gujarat Electricity Regulatory Commission adopting the tariff, whichever occurs later.</p>
<p>To mitigate technology risks and ensure timely project commissioning, only commercially established and operational technologies must be used in the projects.</p>
<p>Bidders from countries sharing a land border with India were eligible to participate in this tender, provided they were registered with the competent authority.</p>
<p>Only wind turbine models certified and listed in the Revised List of Models and Manufacturers by the Ministry of New and Renewable Energy (MNRE), updated until the project’s scheduled commercial operation date, are approved.</p>
<p>GUVNL has specified the use of solar modules listed on the Approved List of Models and Manufacturers issued by the MNRE.</p>
<p>The projects under the earlier phase were <a href="https://www.mercomindia.com/kpi-green-juniper-guvnl-hybrid-auction" target="_blank" rel="noopener">awarded</a> to KPI Green Energy and Juniper Green Energy.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>


KPI Green, Juniper, Hinduja, JSW Win GUVNL’s 500 MW Wind-Solar Hybrid Auction


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					</table><p><a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN Green Energy</a>, <a href="https://www.hindujarenewables.com/" target="_blank" rel="noopener">Hinduja Renewables Energy</a>, <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Energy</a>, and Solarcraft Power India 5 (<a href="https://blupineenergy.com/" target="_blank" rel="noopener">BluPine Energy</a>) won Gujarat Urja Vikas Nigam’s (<a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a>) auction to purchase power from 500 MW of grid-connected solar power projects (Phase XXII) to be set up anywhere in India, with a greenshoe option of an additional 500 MW.</p>
<p>SJVN won 100 MW, quoting ₹2.63 (~$0.0316)/ kWh. Hinduja won 140 MW at ₹2.64 (~$0.0317)/ kWh. Avaada won 100 MW and BluPine 50 MW, respectively, both quoting ₹2.65 (~$0.0319)/ kWh.</p>
<p>The bid by Sprng Energy for 150 MW for ₹2.66 (~$0.0320)/ KWh did not qualify as it was above the L1+1% tariff cut-off criteria mentioned in the tender.</p>
<p>Only 390 MW out of the total tendered capacity was auctioned.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-61605" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction.png" alt="GUVNL 500 MW Solar Phase XXII Auction" width="655" height="295" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction.png 655w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction-300x135.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction-650x293.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction-624x281.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/GUVNL-500-MW-Solar-Phase-XXII-Auction-600x270.png 600w" sizes="(max-width: 655px) 100vw, 655px" /></p>
<p>The tender was <a href="https://www.mercomindia.com/guvnl-500-mw-solar-projects-greenshoe/" target="_blank" rel="noopener">floated</a> in November.</p>
<p>Projects that are under construction, those that are not yet operational, and those that are already operational but lack a long-term power purchase agreement (PPA) with any agency and sell power on a short-term or merchant basis were eligible under the tender. However, this applies only to projects that have not been accepted under any other central or state programs and have no obligations to existing buyers.</p>
<p>The successful bidders must sign PPAs with GUVNL within 30 days from the date of issuance of the letter of intent or within ten days from the adoption of the tariff by the Gujarat Commission, whichever is later.</p>
<p>Only commercially established and operational technologies can be used to minimize the technology risk and to achieve the timely commissioning of the projects.</p>
<p>The projects’ declared annual capacity utilization factor (CUF) should not be less than 17%. The successful bidder must maintain generation to achieve annual CUF within + 10% and -15% of the declared value until the end of ten years from the commercial operation date, subject to the annual CUF remaining a minimum of 15% and within +10% and – 20% of the declared value of the annual CUF after that until the end of the PPA duration of 25 years.</p>
<p>The solar modules to be used for the projects must be warranted for peak output wattage, which should not be less than 90% at the end of ten years and 80% at the end of 25 years from the project’s commercial operation date.</p>
<p>GUVNL has mandated the use of solar modules from the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders issued by various agencies in India.</p>


SJVN Green, Hinduja, Avaada and BluPine Win GUVNL’s 500 MW Solar Auction


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					</table><p><a href="https://ntpcrel.co.in/" target="_blank" rel="noopener">NTPC Renewable Energy</a>, <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN Green Energy</a>, and <a href="http://www.hindujarenewables.com/" target="_blank" rel="noopener">Hinduja Renewables Energy</a> have won Rewa Ultra Mega Solar’s (<a href="http://rumsl.mp.gov.in/" target="_blank" rel="noopener">RUMSL</a>) auction to develop a 300 MW floating solar park (Phase II) at the Omkareshwar reservoir in Madhya Pradesh.</p>
<p>According to Mercom sources, SJVN Green Energy won 90 MW by quoting ₹3.79 (~$0.0458)/kWh, NTPC Renewable Energy 80 MW at ₹3.80(~$0.0459)/kWh, and Hinduja Renewables Energy 80 MW for the tariff of ₹3.89 (~$0.0470)/kWh.</p>
<p>RUMSL, the joint venture between the Solar Energy Corporation of India and Madhya Pradesh Urja Vikas Nigam, floated the tender for the project in April this year.</p>
<p><img decoding="async" class="aligncenter wp-image-57267 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/RUMSL-300-MW-Floating-Solar-Phase-II-Auction-Final.png" alt="RUMSL 300 MW Floating Solar Phase II Auction Final" width="100%" height="100%" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/RUMSL-300-MW-Floating-Solar-Phase-II-Auction-Final.png 702w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/RUMSL-300-MW-Floating-Solar-Phase-II-Auction-Final-300x105.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/RUMSL-300-MW-Floating-Solar-Phase-II-Auction-Final-650x227.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/RUMSL-300-MW-Floating-Solar-Phase-II-Auction-Final-624x218.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/08/RUMSL-300-MW-Floating-Solar-Phase-II-Auction-Final-600x209.png 600w" sizes="(max-width: 702px) 100vw, 702px" /></p>
<p>The capacity under Phase II was retendered after it was <a href="https://www.mercomindia.com/ntpc-sjvn-hinduja-rumsls-phase-ii-300-mw-floating-solar-auction" target="_blank" rel="noopener">auctioned</a> first in November 2022, where the same entities had won different capacities at much lower rates.</p>
<p>Under Phase -II, the estimated 300 MW capacity of the floating solar park comprises three units of grid-connected floating solar photovoltaic projects.</p>
<p>The winners will have to set up the projects on a Build-Own-Operate basis.</p>
<p>RUMSL will provide the power evacuation infrastructure for the interconnection of the projects up to the delivery point.</p>
<p>The selected bidders will have to sign a 25-year power purchase agreement with Madhya Pradesh Power Management Company (<a href="https://www.mppmcl.com/" target="_blank" rel="noopener">MPPMCL</a>) on behalf of three state distribution companies.</p>
<p>The auction for the first phase (300 MW) was <a href="https://www.mercomindia.com/amp-energy-sjvn-and-nhdc-rumsls-floating-solar-auction" target="_blank" rel="noopener">conducted</a> in May 2022, in which Amp Energy, NHDC, and SJVN were declared winners.</p>
<p>Amp Energy had won 100 MW quoting a tariff of ₹3.21 (~$0.0387)/kWh, while NHDC had won 100 MW at ₹3.22 (~$0.0388)/kWh. SJVN had won the remaining capacity of 100 MW at ₹3.26 (~$0.0393)/kWh.</p>
<p>In June this year, NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-issues-tender-floating-solar-projects-in-india" target="_blank" rel="noopener">invited</a> bids to appoint consultants to assess potential floating solar capacities in different states and union territories.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real time.</p>


NTPC, SJVN, Hinduja Win RUMSL’s Phase II 300 MW Floating Solar Auction


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					</table><p><a href="https://sprngenergy.com/" target="_blank" rel="noopener">Sprng Energy</a>, <a href="https://www.ibvogt.com/" target="_blank" rel="noopener">ib vogt</a>, <a href="http://www.hindujarenewables.com/" target="_blank" rel="noopener">Hinduja Renewables</a>, and Solarcraft Power India 9 (Blupine Energy) have won Gujarat Urja Vikas Nigam’s (GUVNL) auction to supply power from 500 MW of grid-connected solar power projects (Tranche XVIII) with a greenshoe option of an additional 500 MW.</p>
<p>Sprng Energy won 200 MW by quoting ₹2.51 (~$0.031)/kWh. ib vogt, Hinduja, and Blupine won 130 MW, 120 MW, and 50 MW, respectively, at ₹2.52 (~$0.031)/kWh.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2023/01/GUVNL-Tranche-XVIII-500-MW-auction-3.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-48663 size-full" src="https://mercomindia.com/wp-content/uploads/2023/01/GUVNL-Tranche-XVIII-500-MW-auction-3.png" alt="GUVNL Tranche XVIII 500 MW auction" width="785" height="261" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/01/GUVNL-Tranche-XVIII-500-MW-auction-3.png 785w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/01/GUVNL-Tranche-XVIII-500-MW-auction-3-300x100.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/01/GUVNL-Tranche-XVIII-500-MW-auction-3-768x255.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/01/GUVNL-Tranche-XVIII-500-MW-auction-3-650x216.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/01/GUVNL-Tranche-XVIII-500-MW-auction-3-624x207.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/01/GUVNL-Tranche-XVIII-500-MW-auction-3-600x199.png 600w" sizes="(max-width: 785px) 100vw, 785px" /></a></p>
<p>The discovered tariff of ₹2.51 (~$0.031)/kWh is just marginally higher than the bid of ₹2.49 (~$0.031)/kWh, <a href="https://mercomindia.com/blupine-engie-tata-power-upc-winners-guvnls-750-mw-solar-auction/" target="_blank" rel="noopener">discovered</a> in GUVNL’s auction in September 2022, to develop 750 MW of solar projects with a greenshoe option of an additional capacity of up to 750 MW (Tranche XVI).</p>
<p>The lowest-ever price <a href="https://mercomindia.com/gujarats-auction-sets-a-new-record/" target="_blank" rel="noopener">discovered</a> in GUVNL’s solar auction was ₹1.99 (~$0.024)/kWh in December 2020 for 500 MW of solar projects (Tranche XI).</p>
<p>GUVNL intends to procure solar power to fulfill its renewable power purchase obligation and meet the requirements of distribution companies.</p>
<p>The tender was <a href="https://mercomindia.com/guvnl-bids-buy-power-500-mw-solar-greenshoe-option/" target="_blank" rel="noopener">floated</a> in October last year.</p>
<p>The projects can be commissioned anywhere in the country and should be of at least 25 MW capacity.</p>
<p>The developers must bear all the transmission charges and losses up to the delivery point for interstate and central transmission utility network-connected projects.</p>
<p>The project should be designed to deliver energy at the Gujarat Energy Transmission Corporation (GETCO) periphery. The grid interconnection of the project with GETCO or the central transmission utility substation can be made directly through a dedicated line or a pooling substation of a wind farm where wind projects are also connected.</p>
<p>Only commercially established and operational technologies can be used to minimize the technology risk and achieve the projects’ timely commissioning. The modules to be used for the project should be from the approved list of models and manufacturers issued by the Ministry of New and Renewable Energy.</p>
<p>Solar tenders floated by various agencies in India <a href="https://mercomindia.com/solar-tenders-auctions-decline-q4-2022/" target="_blank" rel="noopener">declined</a> 32% quarter-over-quarter to 9.7 GW in the fourth quarter of 2022 from 14 GW. Tender announcements were, however, up by 56% year-over-year.</p>
<p>The quarter also witnessed a 50% QoQ dip in solar auctions, with 1.9 GW of capacity auctioned during the period. The capacity auctioned dropped 56% over the same period last year.</p>
<p>According to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a>, GUVNL has floated tenders for 11.5 GW of solar projects.</p>


Sprng Energy, ib vogt, Hinduja, Blupine Win GUVNL’s 500 MW Solar Auction


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					</table><p>The <a href="http://www.karnatakajudiciary.kar.nic.in/">Karnataka High Court</a> has rejected a solar project developer&#8217;s plea to complete the construction of a solar project in Karnataka&#8217;s Raichur district since the land on which it is being built is disputed.</p>
<p>Hinduja Renewables Two, a special purpose vehicle of Hinduja Renewables Energy, submitted to the court that after due diligence it had decided to develop the 26 MW solar project investing about ₹1.46 billion (~$17.76 million). Of the 26 MW, 14.25 MW has already been commissioned. The developer claimed that it had all the necessary permissions from the government. A trial court had recorded that the respondents—both minors—will be put to loss and hardship in getting their share if Hinduja Renewables proceeded with the construction work.</p>
<p><strong>Background</strong></p>
<p>The two respondents had approached the lower court seeking a one-sixth share in the joint-family property managed by their grandfather after the demise of their father. The grandfather and his other children entered into an agreement with the company to develop a solar project on their property at Mallata village in the Raichur district. The petitioners claimed that their share was 35 acres of the total property.</p>
<p>The developer said that it had obtained approvals from the government and other statutory bodies and that the project had been partly commissioned. It had received provisional interconnection approval from the Karnataka Power Transmission Corporation (KPTCL) to charge to the 110 kV evacuation line. The 14.25 MW solar project had been approved by the KPTCL, and Gulbarga Electricity Supply Company (GESCOM) also issued the commissioning certificate on November 20, 2021.</p>
<p>An inverter control room and solar modules for 8 MW were constructed much before the trial court passed the order. The functioning part of the project for 14.25 MW was completed, approved, and commissioned before entering into a registered sale agreement dated June 18, 2021.</p>
<p>The developer had issued a public notice through newspapers calling for objections from anyone with land rights. The company claimed it had not received any objections.</p>
<p>The company also contended that it had taken all necessary precautions before entering into the registered sale agreement with the respondent&#8217;s uncle. The uncle was paid ₹15,417,400 (~$187,544) on the date of the agreement. On the same day, the uncle had also executed a registered irrevocable General Power of Attorney.</p>
<p>The company stated that regular maintenance would have to be carried out to ensure the smooth operation of the project. The order passed by the trial court came in the way of regular maintenance work.</p>
<p>The respondents stated that the developer had deliberately, knowing fully well about the pendency of the suit and the right asserted by the respondents, executed the documents and carried out construction in violation of the trial court&#8217;s order.</p>
<p>The respondents also claimed there was an oral partition in 2015, and their father was allotted 35 acres and 62.5 cents of land. Revenue records of the property were transferred in the respondent&#8217;s father&#8217;s name, and he had also mortgaged the property and availed loan.</p>
<p><strong>High Court&#8217;s analysis</strong></p>
<p>The court observed that several documents executed in favor of the developer were after the respondents filed the lawsuit in the trial court. The developer was a mere agreement holder as of the date of the lawsuit.</p>
<p>Referring to an earlier verdict by the Supreme Court, the High Court ruled that the developer could not claim any right, title, or interest in the property by the registered sale agreement. Despite being aware of the respondents&#8217; rights on the property, the developer went ahead with the construction of the project. Having noticed the rights asserted, the developer ought to have taken sufficient steps to mitigate the risk but had failed to do so.</p>
<p>Subscribe to Mercom&#8217;s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/">Regulatory Updates</a> to ensure you don&#8217;t miss any critical updates from the renewable industry.</p>


Karnataka High Court Rejects Developer’s Plea to Build Solar Project on Disputed Land

<p><a href="https://www.adityabirla.com/" target="_blank" rel="noopener">Aditya Birla</a> (ABREL SPV 2), <a href="http://www.hindujarenewables.com/" target="_blank" rel="noopener">Hinduja Renewables Energy</a>, and <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a> were winners in Gujarat Urja Vikas Nigam’s (<a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a>) auction to develop 500 MW of solar projects under Phase XIV with a greenshoe option of an additional capacity of up to 500 MW (Tranche-XIV).</p>
<p>Aditya Birla won 300 MW, and Hinduja Renewables Energy won 120 MW, both quoting a tariff of ₹2.30 (~$0.0296)/kWh. SJVN was awarded 80 MW out of the quoted capacity of 200 MW at ₹2.31 (~$0.0297)/kWh.</p>
<p>GUVNL intends to procure solar power to fulfill its renewable power purchase obligation (RPPO) and meet the requirements of distribution companies (DISCOMs).</p>
<p style="text-align: center;"><a href="https://mercomindia.com/wp-content/uploads/2022/06/GUVNL-500-MW-solar-auction.png"><img loading="lazy" decoding="async" class="alignnone wp-image-36612 size-full" src="https://mercomindia.com/wp-content/uploads/2022/06/GUVNL-500-MW-solar-auction.png" alt="GUVNL 500 MW solar auction" width="620" height="248" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/06/GUVNL-500-MW-solar-auction.png 620w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/06/GUVNL-500-MW-solar-auction-300x120.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/06/GUVNL-500-MW-solar-auction-600x240.png 600w" sizes="(max-width: 620px) 100vw, 620px" /></a></p>
<p>The tender was <a href="https://mercomindia.com/guvnl-rfs-to-buy-power-from-500-mw-solar-projects-with-greenshoe-option/">floated</a> in April this year.</p>
<p>Speaking to Mercom, Surajit Chandra, GM-Business Development, Aditya Birla Group, said, “This project had the Approved List of Models and Manufacturers (ALMM) applicability. We have done our research, and ₹2.30/kWh (~$0.0296)/kWh) seems like a viable and feasible tariff option to us. We have a great offtaker in GUVNL, and we have bid in almost every GUVNL auction. The auction has a greenshoe option which will be allocated later on by GUVNL.”</p>
<p>Successful bidders will be responsible for approvals, permits, and clearances, including connectivity and land registration.</p>
<p>The project should be designed to deliver energy at the Gujarat Energy Transmission Corporation (GETCO) periphery. Successful bidders will be responsible for getting the grid connectivity with GETCO or the central transmission utility (CTU).</p>
<p>Solar projects will be allowed to be set up in the existing grid-connected wind farms subject to the availability of spare capacity for renewable energy integration at corresponding GETCO or CTU substations.</p>
<p>Such projects must also comply with the clauses in the request for selection document and are subject to GETCO or CTU’s agreement for utilizing the connectivity granted to wind farms.</p>
<p>Gujarat Energy Development Agency will act as the state nodal agency. It will facilitate the required approvals to achieve the commissioning of the projects. GETCO and CTU will help set up the transmission system to evacuate power from the project.</p>
<p>In January this year, GUVNL <a href="https://mercomindia.com/guvnl-invites-bids-procure-power-500-mw-solar-projects/" target="_blank" rel="noopener">invited</a> bids from developers to purchase power from 500 MW of grid-connected solar power projects (Phase-XIII). Fortum Power (Alpha Energy), SJVN, Hinduja Renewables Energy, and UPC Renewables (AMSA Solar Energy) were <a href="https://mercomindia.com/fortum-sjvn-hinduja-upc-winners-guvnls-auction/" target="_blank" rel="noopener">declared</a> winners in the auction.</p>
<p>According to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a>, GUVNL has floated tenders for 8.15 GW of solar projects.</p>


Aditya Birla, Hinduja Renewables, and SJVN Winners in GUVNL’s 500 MW Solar Auction

<p>Hinduja National Power Corporation Limited (HNPCL), a subsidiary of the Hinduja Group, has successfully completed the acquisition of Kiran Energy Solar Power.</p>
<p>According to the Press Trust of India (PTI), the deal has been valued at approximately ₹10 billion.</p>
<p>Mercom’s source at <a href="http://hindujanationalpower.com/" target="_blank" rel="noopener">Hinduja</a> confirmed the acquisition, adding that the finer details of the deal will be made public soon.</p>
<p>“We have acquired the stakes of equity investors of Kiran and this is a good deal as all the projects are under operation and have good power purchase agreements (PPAs),” the executive told Mercom. The Hinduja executive, however, refrained from divulging details about the size of the deal.</p>
<p>HNPCL is also planning to create a power generation capacity of 10 GW over the next ten years.</p>
<p>When contacted, Mercom’s source at Kiran Energy Solar also confirmed the conclusion of the acquisition deal. The Kiran Solar executive said, “Around 85 MW of our operating solar assets will go to Hinduja as part of the deal.”</p>
<p>The executive further added, “The assets have been in operation for the past five years, and include 55 MW in Rajasthan, over 20 MW in Gujarat, and over 5 MW in Pune.”</p>
<p>Kiran Energy was founded by Ardeshir Contractor and Alan Rosling, a former Tata Sons executive director in 2010, and currently has an operational portfolio of around 85 MW.</p>
<p>This is the latest in a series of acquisitions in the Indian renewable sector in 2018. In the beginning of <a href="https://mercomindia.com/renew-acquires-indian-energy-limited/" target="_blank" rel="noopener">May 2018</a>, <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Power</a> acquired a 100 percent stake in Indian Energy Limited (IEL) at a price of ₹364 million (~$5.545 million). Moreover, in <a href="https://mercomindia.com/renew-power-acquires-ostro-energy/" target="_blank" rel="noopener">April 2018</a>, ReNew acquired Ostro Energy Private Limited for ₹10,600 crores (~$1.63 billion).</p>
<p>Indian power company <a href="http://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a> recently <a href="https://mercomindia.com/jsw-energy-acquires-jsw-electric-vehicle/" target="_blank" rel="noopener">acquired</a> 100 percent stake in JSW Electric Vehicles in a bid to enter the country’s rapidly expanding electric vehicles (EV) market.</p>
<p>YES SECURITIES’ Sustainable Investment Banking Team (SIB) acted as the exclusive advisor to the transaction. Nishith Desai Associates and AZB &amp; Partners acted as the legal advisor to Kiran Energy while Crawford Bayley &amp; Company acted as the legal advisor to Hinduja Group for the transaction.</p>
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<p><em>*This article has been updated with additional information*</em></p>


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