Gujarat’s fresh solar auction for 700 mw undersubscribed by 100 MW


Gujarat’s fresh attempt to auction 700 mw of solar projects at Raghanesda Solar Park was undersubscribed by 100 MW. The auction managed to attract techno-commercial bids of 600 mw despite having an aggressive ceiling price of Rs 2.70 per unit.

Gujarat Urja Vikas Nigam Limited (GUVNL) cancelled the first auction for the same projects held in January, because it found the lowest discovered tariff of Rs 2.84 per unit to be too high.

One developer expressing surprise said how can the auction attracted this much bid, he on the condition of anonymity said that there are developers who are tripping over themselves to harm one another.

Last year in March GUVNL cancelled the results of another auction of 500 mw, for the same reason, when the winning tariff reached was Rs 2.98 per unit.

ET citing sources reports that GUVNL will proceed with the reverse auction shortly.