In a significant development for India’s utility-scale solar market, Gujarat Urja Vikas Nigam Limited (GUVNL) has finalized bids for its 625 MWp solar tender at a tariff of ₹2.34 per unit, marking a sharp decline from previous auctions and reinforcing the downward trajectory of solar tariffs in the country.
The auction saw Welspun Energy and NLC India Limited emerge as the winning bidders, securing 300 MW each, with the remaining capacity allocated under the tender structure. The results come approximately five months after the tender was issued, reflecting a relatively swift closure amid heightened competition.
Key Tender Highlights
- Tender Size: 625 MWp
- Discovered Tariff: ₹2.34/kWh
- Winners:
- Welspun Energy – 300 MW
- NLC India Ltd – 300 MW
- Project Scope: Anywhere in India (under-construction or commissioned sites allowed)
- Timeline: Awarded ~5 months post tender issuance
Tariff Trend: Sharp Drop Signals Market Shift
The discovered tariff of ₹2.34/kWh is notably lower than GUVNL’s 2025 auction tariff of ₹2.60/kWh for a similar 625 MW capacity (including greenshoe option).
This decline highlights:
- Increased developer confidence in cost optimisation
- Better supply chain stabilisation
- Strategic bidding amid intense competition
- However, tariffs still remain influenced by regulatory frameworks such as:
- ALMM (Approved List of Models and Manufacturers)
- DCR (Domestic Content Requirement)
These factors had earlier kept tariffs above ₹2.55/kWh in previous tenders.
Competitive Intensity: Strong Participation Across the Board
The tender witnessed participation from a wide range of developers and EPC players, indicating sustained interest in large-scale solar deployments.
Non-winning bidders included:
- Krishna Corpindia
- Sunstream Green Energy
- Terra Clean Ltd
- Soleos Energy
- Helioact Power India
- Saju Industry
- MB Power Madhya Pradesh
Other key participants:
- KPI Green Energy
- Spring Energy
- SAEL Industries
- PNC Infratech
- Waaree Energies
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