Gujarat Urja Vikas Nigam Limited (GUVNL) has announced the results of its Phase XXVIII auction for 625 MW of grid-connected solar PV projects. The auction saw intense participation from 23 developers, with the lowest discovered tariff settling at ₹2.34 per unit.
Welspun Renewable Energy and NLC India Renewables emerged as the primary winners, each securing 300 MW of capacity at the base rate of ₹2.34/kWh. Other developers, including Megodyna Renewables and Sunsure Green Energy, also matched the L1 tariff for smaller capacities. The tender includes a greenshoe option for an additional 625 MW. Notably, the projects are required to use solar modules from the ALMM List-I and cells from the ALMM List-II, ensuring domestic content compliance.
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