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The Gujarat Urja Vikas Nigam (GUVNL) has declared the allocation of 500 MW grid-connected solar power projects in Phase XXII auction, utilising the greenshoe option at the lowest quoted tariff of Rs 2.63 (~$0.0316)/kWh. The projects were granted to the successful bidders from the initial auction, with capacities remaining unchanged. SJVN Green Energy, a wholly owned subsidiary of SJVN, secured 100 MW through the greenshoe option. Per information from Mercom sources, the remaining greenshoe option capacity was distributed to Hinduja Renewables Energy (140 MW), Avaada Energy (100 MW), and BluPine Energy (50 MW), all at the L1 (lowest) tariff. The total auctioned capacity was 390 MW, falling short of the initially tendered 500 MW. The tender was initiated in November. SJVN, in an official statement, noted that the tentative construction and development cost for the 200 MW capacity it will be developing is Rs 11 billion (~$132.54 million). The ground-mounted solar project, to be executed anywhere in India, will follow engineering, procurement, and construction contracts. The Power Purchase Agreement (PPA) with GUVNL will be finalised after the Gujarat Electricity Regulatory Commission (GERC) adopts the tariff. The projects are anticipated to be operational within 18 months from the signing of the 25-year PPA. The tender outlined requirements for projects to declare an annual capacity utilisation factor (CUF) of at least 17%. The successful bidder is obligated to maintain generation to achieve an annual CUF within +10% and -15% of the declared value for the first ten years from the commercial operation date. Subsequently, the annual CUF must remain a minimum of 15%, within +10% and -20% of the declared value until the end of the 25-year PPA duration. Solar modules for the projects are required to have a warranty for peak output wattage, not falling below 90% at the end of ten years and 80% at the end of 25 years from the project?s commercial operation date. GUVNL has mandated the use of solar modules from the Ministry of New and Renewable Energy?s Approved List of Models and Manufacturers.