‘Very disappointing’ under subscription for Gujarat’s 700MW solar tender

GUVNL has cancelled two auctions in the past leading to some uncertainty for developers. Flickr: Arian Zwegers

Gujarat's 700MW solar PV tender has been undersubscribed by 100MW, in what one analyst has described as the latest poor show of interest in a worrying trend.

Companies submitting to Gujarat Urja Vikas Nigam Limited's (GUVNL) tender for capacity under Phase III of the Raghanesda Solar Park included:

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

  • Tata – 200MW
  • Engie – 200MW
  • GIPCL – 100MW
  • GSECL – 100MW

Vinay Rustagi, managing director of consultancy firm Bridge to India, told PV Tech: “It's very disappointing to see a series of under subscriptions and cancellations, which seem to be becoming norm. This trend betrays a lack of connect between the government and private sector and if not addressed urgently, will cause untold damage to investor confidence.”

GUVNL has cancelled two auctions in the past leading to some uncertainty for developers. It has also had to extend tenders for its 1GW Dholera Solar Park due to a lack of interest.

In February, GUVNL auctioned 500MW of grid-connected solar capacity with winning tariffs in the range of INR2.55-2.66/kWh (US$3.6-3.8 cents).

India has multi-gigawatts of solar out for tender, having been on a procurement binge since late December 2018, including its first large-scale solar-plus-storage issuances for two years. However, more undersubscribed offers will be met with great worry by a government that is throwing all its weight behind reaching its 100GW by 2022 solar target. 

Read Next

May 29, 2024
The challenges facing Europe's solar sector are explored in depth in the latest edition of our quarterly journal, PV Tech Power.
May 24, 2024
Waaree Energies has signed an agreement to supply 445MW of modules to Statkraft India for a project in Bikaner, Rajasthan.
May 24, 2024
Indian solar installations increased by over 400% in the first quarter of 2024 to the highest quarterly deployment levels in its history.
May 16, 2024
US independent power producer (IPP) Enfinity Global has secured US$135 million in financing for a 1.2GW solar and wind portfolio in India.
May 15, 2024
Currently, India is striving to localise its solar supply chain but it remains tethered to international imports, writes Ali Imran Naqvi, CEO of advisory firm Gensol Group.
May 10, 2024
Rising pollution in India, is impacting the annual revenue of Indian solar power plants, industry analysts tell PV Tech Premium.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)
Solar Media Events
June 4, 2024
London, UK
Upcoming Webinars
June 11, 2024
3:00 PM (BST) / 4:00 PM (CEST)
Solar Media Events
July 2, 2024
Athens, Greece