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Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p>SJVN Green Energy (<a href="https://sjvn.nic.in/tender-detail/8495/98" target="_blank" rel="noopener">SGEL</a>), a wholly owned subsidiary of SJVN, has invited bids for the engineering, procurement, and construction (EPC) of solar photovoltaic power projects up to a capacity of 200 MW anywhere in Gujarat under GUVNL Phase XXII.</p>
<p>The last date to submit bids is November 5, 2024. Bids will be opened on the same day.</p>
<p>Bidders must submit an earnest money deposit of ₹69 million (~$821,845) for 50 MW projects, ₹138 million (~$1.64 million) for 100 MW projects, ₹207 million (~$ 2.46 million) for 150 MW projects, and ₹276 million (~$3.28 million) for 200 MW projects.</p>
<p>Bidders must have completed at least one of the works in the last ten years:</p>
<ul>
<li>The design, supply, erection/supervision of the EPC of a solar project with a minimum cumulative installed capacity of 30 MW, out of which at least one project must be 10 MW and should have operated for at least three months before the tender was issued.</li>
<li>The development of a solar project with a minimum cumulative installed capacity of 30 MW, out of which at least one project must have a minimum capacity of 10 MW. The reference project should have operated for at least three months before the tender was issued.</li>
<li>The execution of an industrial project, either as a developer or as an EPC contractor, in the area of power/ steel/ oil and gas/ petrochemical/ fertilizer/ cement/ coal mining, and any other process industry, with a value of ₹20.7 million (~$246,554)/MW in a single project or single work. The reference project should have operated for at least six months before the tender was issued.</li>
</ul>
<p>Additionally, bidders must have executed at least one electrical substation of 33 kV or above voltage level, consisting of equipment such as 33 kV or above voltage level circuit breakers and power transformers, either as a developer or EPC contractor. The project should have operated for at least six months before the tender was issued.</p>
<p>Bidders must have an annual average turnover of ₹20.7 million (~$246,554) /MW in the last three financial years.</p>
<p>The work also involves comprehensive operation and maintenance of the solar project for three years.</p>
<p>In May, SGEL <a href="https://www.mercomindia.com/sjvn-subsidiary-invites-bids-solar-modules" target="_blank" rel="noopener">invited</a> bids for the manufacture and supply of solar modules with a capacity of 376.60 MW for the GUVNL (Phase-XIV) solar power project.</p>
<p>In April, SGEL <a href="https://www.mercomindia.com/sjvn-subsidiary-invites-bids-solar-modules" target="_blank" rel="noopener">invited</a> bids for the outright purchase or lease of up to 800 acres of land for 28 years with all statutory clearances to set up solar power projects of 200 MW capacity in Assam.</p>


SJVN Green Floats Tender for 200 MW Solar Projects in Gujarat


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					</table><p>SJVN Green Energy, a wholly-owned subsidiary of <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>, has invited bids to hire a project management consultant for developing 1,352 MW solar  projects distributed across 102 sites in Maharashtra.</p>
<p>These projects are being implemented under the Mukhyamantri Saur Krishi Vahini Yojana (MSKVY) 2.0 and the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) Component-C.</p>
<p>The last date for submitting bids is October 10, 2024. Bid opening dates will be announced later.</p>
<p>The contract period is for two years.</p>
<p>Bidders must pay ₹5000 (~$59.84) for the bid document + 18% GST.</p>
<p>A total of 1,352 MW of solar capacity will be installed through 102 solar projects across four Maharashtra districts.</p>
<p>These projects will be spread across 9 locations in Pune with a total capacity of 154 MW, 22 locations in Nashik with a capacity of 304 MW, 19 locations in  Ahmednagar with a capacity of 315 MW, and 52 locations in Solapur with a capacity of 579 MW.</p>
<p>The projects will be organized into four groups: Group 1 will consist of all 22 projects in Nashik and three projects from Ahmednagar, Group 2 will include all nine projects in Pune and 16 projects from Ahmednagar, Group 3 will cover 26 projects in Solapur, and Group 4 will consist of 26 projects from Solapur.</p>
<p>Bidders must submit an earnest money deposit based on the number of groups they bid for. The deposit for one group is ₹510,000 (~$6,104).</p>
<p>If they are bidding for two or more groups, the earnest money deposit is ₹1.02 million (~$12,208).</p>
<p>The bids submitted by the bidders will remain valid for acceptance for 180 days from the opening date.</p>
<p>Recently, SJVN <a href="https://www.mercomindia.com/sjvn-tenders-1-2-gw-solar-projects-energy-storage" target="_blank" rel="noopener">invited</a> bids to develop 1,200 MW Inter-State Transmission System-connected solar projects with 600 MW/2400 MWh energy storage systems under tariff-based competitive bidding.</p>
<p>In April, SJVN Green Energy <a href="https://cms.mercomindia.com/recpdcl-invites-bids-to-evacuate-3-5-gw-of-renewable-energy-from-gujarat/" target="_blank" rel="noopener">invited</a> bids to commission a 100 MW solar project in the Didwana-Kuchaman District of Rajasthan.</p>


SJVN Green Floats Consultancy Tender for 1.35 GW Solar Projects


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					</table><p>SJVN Green Energy (SGEL), a wholly-owned subsidiary of <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>, has invited bids for the outright purchase/lease of up to 2,000 acres of land for 28 years in the 765/400/220 kV Bikaner-IV Pooling Station area, Rajasthan. The land will be used to set up solar power projects with a cumulative capacity of 500 MW.</p>
<p>The last day to submit the bids is September 3, 2024. Bids will be opened on the same day.</p>
<p>Bidders must pay an earnest money deposit of ₹4 million (~$47,641.28) for 400 acres, ₹8 million (~$95,283.46) for 800 acres, ₹12 million ($142,938) for 1,200 acres, ₹16 million (~$190,582) for 1,600 acres and ₹20 million ($238.21 million) for 2,000 acres and above.</p>
<p>They must also pay a non-refundable tender document fee of ₹5,000 (~$59.55).</p>
<p>The work includes purchasing and registering the land, providing services for related works and land development, and constructing a GI chain link wire fencing along the land boundary and the main entry gate.</p>
<p>Bidders may offer multiple land parcels up to 2,800 acres. A single connected land parcel can be either 400 acres or in multiples of 400 acres up to 2,000 acres, and the aerial distance between the nearest point of the land parcel and Bikaner-IV Pooling Station will not be more than:</p>
<ul>
<li>20 km for a single land parcel having an area of 400 acres</li>
<li>25 km for a single land parcel having an area of 800 acres and more</li>
</ul>
<p>Earlier this year, SJVN Green had <a href="https://www.mercomindia.com/sjvn-50-mw-solar-project-assam" target="_blank" rel="noopener">broken</a> ground for its 50 MW solar power project at the Sitalmari village of Sonitpur district in Assam. The project was estimated to cost ₹2.91 billion (~$35.17 million). The power generated will be supplied to the Assam Power Development Corporation at a tariff of ₹3.92 (~$0.0474)/kWh.</p>
<p>The company also <a href="https://www.mercomindia.com/sjvn-green-jv-assam-discom-renewable-projects" target="_blank" rel="noopener">signed</a> a joint venture and shareholders agreement with Assam Power Distribution Company (APDCL) to execute renewable energy projects and parks within the APDCL or SJVN jurisdiction areas and on a pan-India basis. The company holds 51% of the ownership of the new JV company, while APDCL will own the remaining 49%.</p>
<p>Subscribe to Mercom’s India <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


SJVN Green Issues Land Acquisition Tender for 500 MW Solar Projects


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					</table><p>SJVN Green Energy (SGEL), a wholly owned subsidiary of <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>, has invited bids for the manufacture and supply of solar photovoltaic (PV) modules with a capacity of 376.60 MW for the <a href="https://www.guvnl.com/" target="_blank" rel="noopener">GUVNL</a> (Phase-XIV) solar power project.</p>
<p>The last date to submit bids is June 11, 2024. Bids will be opened on the same day.</p>
<p>The bidding process will have two stages, with the first involving the submission of techno-commercial bids, followed by a price bid in the second stage. A reverse auction will then determine the successful bidder.</p>
<p>To participate, bidders must have an annual average turnover of at least ₹4.8 million ($58,824) per MW for the total quoted capacity over the last three financial years. Their net worth must be positive for the preceding financial year and two of the three preceding financial years.</p>
<p>Bidders must also be listed in the Approved List of Models and Manufacturers (ALMM) published by the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>). They must have a proven track record, having supplied solar PV modules of 330 Wp or above, with a cumulative capacity of at least 30 MW in the last seven years. At least one such supply order should be of 10 MW or higher capacity.</p>
<p>The capacity allocated will be in multiples of 94.15 M, with the maximum allocated to a single bidder being the full 376.60 MW capacity.</p>
<p>Bidders must furnish an earnest money deposit (EMD) of ₹29.8 million ($3.65 million) for each 94.15 MW multiple. The EMD for the full capacity is ₹119 million ($14.60 million) for the 376.60 MW.</p>
<p>Earlier this year, SGEL <a href="https://www.mercomindia.com/sjvns-subsidiary-invites-bids-for-1-96-gw-projects" target="_blank" rel="noopener">invited</a> bids for the manufacturing and supply of solar modules of a 1,960 MW<sub>dc</sub> capacity to be used in solar power projects in various states of India.</p>
<p>Recently, Swelect Energy Systems, Grew Energy, and ReNew Photovoltaics were <a href="https://www.mercomindia.com/swelect-grew-renew-win-secis-auction-supply-400-mw-solar-modules" target="_blank" rel="noopener">declared</a> winners in Solar Energy Corporation of India’s auction to manufacture, test, package, forward, supply, and transport 400 MW domestically manufactured solar modules.</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> for timely updates on all solar tenders issued by various agencies in India.</p>


SJVN’s Subsidiary Invites Bids for 377 MW of Solar Modules


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					</table><p>SJVN Green Energy (SGEL), a wholly owned subsidiary of <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>, has rolled out a tender for the supply and installation of Balance of System (BoS) packages, including power evacuation infrastructure and comprehensive operation and maintenance (O&amp;M) services for three years for 400 MW of solar photovoltaic power projects across four locations in Maharashtra.</p>
<p>The last date to submit bids is May 14, 2024. Bids will be opened on the same day.</p>
<p>The 400 MW solar capacity encompasses four separate projects &#8211; a 160 MW project in Dhanora village of Hingoli district, an 80 MW project in Jambheore village of Jalgaon district, and two 80 MW projects in Khandali village of Latur district.</p>
<p>SGEL has already signed long-term Power Purchase Agreements (PPAs) with the Maharashtra State Electricity Distribution Company Limited (<a href="https://www.mahadiscom.in/en/home/" target="_blank" rel="noopener">MSEDCL</a>) to sell power from these projects.</p>
<p>The successful bidder will be responsible for land development, design, procurement, erection, testing, supply, installation, civil and electrical works, statutory approvals, commissioning, and performance testing on a turnkey basis.</p>
<p>However, SGEL will provide the solar PV modules as “free issue material” to the contractor, who will handle the loading, transportation, unloading, and storage of the modules.</p>
<p>An earnest money deposit of ₹63.7 million (~$764,000) must be submitted for the 160 MW project and ₹31.8 million (~$381,000) each for the 80 MW projects.</p>
<p>Bidders must have experience developing grid-connected solar projects, with at least one project of 10 MW or higher capacity successfully operating for over three months.</p>
<p>Alternatively, they can cite the experience of executing large industrial projects in sectors such as power steel, oil, and gas, petrochemical, fertilizer, cement, and coal mining, including coal handling plant or any other process worth at least ₹960 million (~$11.5 million) for the 160 MW project, and ₹480 million (~$5.8 million) for the 80 MW projects.</p>
<p>Meanwhile, the financial criteria mandate is an annual average turnover of at least ₹960 million (~$11.5 million) for the 160 MW project and ₹480 million (~$5.8 million) for the 80 MW projects.</p>
<p>The net worth must be positive during the financial year (FY) 2022-23 and should also be positive in two of the three previous years.</p>
<p>The successful contractor will have 370 days to complete the work after the contract is awarded.</p>
<p>Recently, SGEL <a href="https://www.mercomindia.com/sjvn-green-jv-assam-discom-renewable-projects" target="_blank" rel="noopener">formed</a> a joint venture with Assam Power Distribution Company to execute and develop energy projects and parks.</p>
<p>Previously, it <a href="https://www.mercomindia.com/sjvn-green-100-mw-solar-rajasthan" target="_blank" rel="noopener">invited</a> bids to commission a 100 MW solar power project in the Didwana-Kuchaman District of Rajasthan and its O&amp;M for three years.</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> to stay on top of tender activity in real time.</p>


SJVN Green Floats BoS Tender for 400 MW Solar Projects in Maharashtra


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					</table><p>SJVN Green Energy (SGEL), a wholly owned subsidiary of <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>, has signed a power usage agreement (PUA) and power purchase agreement (PPA) with Rajasthan Urja Vikas and IT Services (<a href="https://energy.rajasthan.gov.in/ruvks/#/home/dptHome" target="_blank" rel="noopener">RUVITL</a>) for the supply of 600 MW of solar power for 25 years.</p>
<p>The PUA entails the supply of 500 MW of solar power from SGEL’s 1 GW Bikaner solar power project at a tariff of ₹2.57 (~$0.0311)/kWh. SGEL had <a href="https://www.mercomindia.com/ntpc-sjvn-nhpc-nlc-ircon-win-iredas-5-gw-cpsu-auction" target="_blank" rel="noopener">won</a> the project capacity in the Indian Renewable Energy Development Agency’s auction for 5 GW of grid-connected solar projects (Tranche-III) under the Central Public Sector Undertaking (CPSU) Program (Phase-II).</p>
<p>The PPA involves the 100 MW solar power to be supplied at a tariff of ₹2.62 (~$0.0317)/kWh from the project SGEL <a href="https://www.mercomindia.com/mahindra-susten-sael-avaada-winners-ruvnls-1-gw-auction" target="_blank" rel="noopener">won</a> in Rajasthan Urja Vikas Nigam’s auction to supply 1 GW of power from state transmission utility (STU)-connected solar power projects in the state.</p>
<p>The 1 GW Bikaner solar power project is claimed to be the country&#8217;s largest single-location project, and it is being developed at the Banderwala village in Bikaner, Rajasthan. The project will cost an estimated ₹54.91 billion (~$663.63 million) and is expected to be commissioned by September 30, 2024. It would generate 2,454.84 MU in the first year of operation and 56,474 MU over 25 years.</p>
<p>With the recent PUA with RUVITL, SGEL has not secured the supply agreement for the entire 1 GW capacity of the project; the other two beneficiaries include <a href="https://uppcl.org/uppcl/en" target="_blank" rel="noopener">Uttar Pradesh Power Corporation</a> for 200 MW and <a href="https://pdd.jk.gov.in/" target="_blank" rel="noopener">Jammu and Kashmir Power Corporation</a> for <a href="https://www.mercomindia.com/sjvn-green-signs-power-solar-project" target="_blank" rel="noopener">300 MW</a>.</p>
<p>The 100 MW capacity under the PPA is being developed on 387.56 acres of land of Sambhar Salts at Nawa, Rajasthan, leased to SGEL for 28 years.</p>
<p>The estimated cost of the project is ₹5.5 billion (~$66.47 million) and is expected to be commissioned within 18 months.</p>
<p>The project developed on a build-own-operate basis is expected to generate 252 MU in the first year and 5,866 MU over its 25-year project lifetime.</p>
<p>Recently, SGEL <a href="https://www.mercomindia.com/sjvn-50-mw-solar-project-assam" target="_blank" rel="noopener">broke</a> ground for its 50 MW solar power project at the Sitalmari village of Sonitpur district in Assam.</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>


SJVN Inks Agreements to Supply 600 MW Solar Power in Rajasthan


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					</table><p>In a first-of-its-kind transaction undertaken by a public sector undertaking, <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>, a joint venture between the Government of India and the state of Himachal Pradesh, secured ₹100 billion (~$1.2 billion) construction financing facility to fund its upcoming renewable energy projects.</p>
<p>The financing was raised by <a href="https://www.db.com/index?language_id=1&amp;kid=sl.redirect-en.shortcut" target="_blank" rel="noopener">Deutsche Bank</a>, <a href="https://bank.sbi/" target="_blank" rel="noopener">State Bank of India</a>, <a href="https://www.pnbindia.in/" target="_blank" rel="noopener">Punjab National Bank</a>, <a href="https://bankofindia.co.in/" target="_blank" rel="noopener">Bank of India</a> and, Mitsubishi and United Financial of Japan Financial Group (<a href="https://www.bk.mufg.jp/global/" target="_blank" rel="noopener">MUFG</a>) Bank.</p>
<p>SJVN undertook the initiative to secure the funding through its subsidiary SJVN Green Energy, with State Bank of India Capital Markets (<a href="https://www.sbicaps.com/" target="_blank" rel="noopener">SBI CAPS</a>) acting as the sole advisor and arranger for the transaction.</p>
<p>The construction financing request is said to have received tremendous response from lenders and was over-subscribed.</p>
<p>The facility will be of a revolving nature and would allow SJVN to draw down funds on an ongoing basis as per the construction requirements of its projects. This is expected to enable the fast-tracking of its under-construction renewable energy projects and contribute to India’s target of achieving 500 GW of renewable energy by 2030.</p>
<p>“We are exhilarated to have secured this facility from five leading banks, which underscores the financial community&#8217;s recognition of our commitment to a greener and more sustainable future,&#8221; said Nand Lal Sharma, Chairperson and Managing Director.</p>
<p>He said the construction financing facility will be deployed strategically to develop solar and wind energy projects across India. These projects will create employment opportunities, boost the local economy, and contribute significantly to harnessing renewable energy.</p>
<p>The company’s renewable energy portfolio stands at 5,090.5 MW, out of which 179.5 MW is under operation, 1,860 MW is under construction, and 3,051 MW is under various stages of implementation.</p>
<p>SJVN Green Energy also received the go-ahead to form a joint venture with Maharashtra State Power Generation Company to develop 5,000 MW renewable energy projects. This is in addition to another joint venture between the company, the Government of Arunachal Pradesh, and Navyuga Engineering Company to execute the development of the 1,878 MW Oju Hydro Electric Project in Arunachal Pradesh.</p>
<p>The company is also in joint ventures with Nepal Electricity Authority &amp; GMR Energy and Assam Power Development Company to implement the 900 MW Upper Karnali Hydro Electric Project and 1,000 MW renewable energy projects, respectively.</p>
<p>Last month, SJVN <a href="https://www.mercomindia.com/sjvn-bids-to-acquire-solar-projects-in-assam" target="_blank" rel="noopener">invited</a> bids to purchase or lease up to 1,000 acres of land in Assam for 28 years to develop 200 MW of solar power projects.</p>
<p>In June, the company also <a href="https://mercomindia.com/sjvn-bids-1-5-gw-renewable-energy-storage" target="_blank" rel="noopener">invited</a> bids to select renewable developers for the supply of 1,500 MW of power from interstate transmission system-connected renewable energy projects with energy storage capacities across India.</p>


SJVN Secures ₹100 Billion to Fund the Construction of Renewable Projects


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					</table><p>SJVN Green Energy (SGEL), a wholly owned subsidiary of <a href="https://sjvn.nic.in/" target="_blank" rel="noopener">SJVN</a>, has invited bids from contractors to set up a 15 MW floating solar project at Nangal Pond in the Bilaspur district of Himachal Pradesh.</p>
<p>The project should be commissioned within 540 days from the work order. The successful bidder must provide comprehensive operation and maintenance (O&amp;M) for three years.</p>
<p>The last day to submit the bids is September 15, 2022. Bids will be opened on the same day</p>
<p>Bidders must submit an earnest money deposit of ₹11 million (~$137,460). The cost of the bidding documents is ₹10,000 (~$125).</p>
<p>The contractor&#8217;s scope of work involves end-to-end delivery of the commissioned project to SGEL. This includes design, engineering, procurement of equipment and material, testing, installation, erection, commissioning, performance demonstration, and operational acceptance of the floating solar project on a turnkey basis.</p>
<p>Bidders must have completed one solar project of 12 MW, two projects of 7.5 MW each, or three projects of 6 MW each in the last seven years. During the last seven years, they should have completed at least one year of O&amp;M for a 4 MW solar project.</p>
<p>Bidders should also have an award for a floating solar project on an engineering, procurement, and construction basis of at least 1 MW during the last seven years.</p>
<p>The average annual turnover of the bidders in the last three financial years must be ₹300 million (~$3.75 million). Their net worth must be positive during the last financial year. Out of the last three financial years, the net worth should be positive for a minimum of two years.</p>
<p>Bidders must have a working capital capacity to have a cash flow of at least ₹2.5 million (~$31,238)/MW, as per the immediately preceding audited balance sheet.</p>
<p>They must submit a certificate from the bank, ensuring they have sufficient funds to provide a bank guarantee amounting to ₹1.5 million (~$18,743)/MW of total capacity.</p>
<p>In July, SGEL <a href="https://mercomindia.com/daily-news-wrap-up-sjvn-issues-tender-floating-solar-project/" target="_blank" rel="noopener">issued</a> a notice inviting tender for the design, engineering, supply, construction, erection, testing, and commissioning of a 90 MW floating solar project at Omkareshwar in Madhya Pradesh.</p>
<p>Subscribe to Mercom&#8217;s <a href="https://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>


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