Tender brief

Indian Renewable Energy Development Agency (IREDA) issued a tender inviting VGF bids to develop 5,000 MW solar capacity under CPSU scheme Phase-II for government entities across India.

Tender details

Total capacity 5,000 MW
Open capacity 0 MW
DCR capacity 5,000 MW
Storage capacity -
Tender scope BOO
Solar park NA
Tendering authority Others
Offtaker/ Power consumer C&I consumer
PPA tenure 25 years
Benchmark tariff/ VGF/ CAPEX INR 5.5 million/ MW
Allocation basis VGF bid
Technology PV
Bid size 1 - 5,000 MW
Minimum CUF -
Required bank guarantees

EMD: 0.4 million/ MW
PBG: 50% of VGF amount

Technical criteria

Experience in commercially established and operational technologies

Financial criteria

Positive net worth

Commissioning timeline 30 months
  1. Ceiling tariff for selling power to government entities or for captive consumption shall be INR 2.20/ kWh
  2. Only government entities or PSUs are allowed to participate in the tender.
  3. VGF shall be released in two tranches i.e. 50% on EPC contract award and remaining 50% on commissioning.
  4. Bids have been submitted by NTPC, SECI, NHPC, SJVN, NLC India, IRCON International, and Indian Oil. 
  5. Successful bidders: 
    Developer Bid capacity, MW Allocated capacity, MW VGF, INR/ MW
    SJVN 1,000 1,000 4.472 million
    NLC 510 510 4.474 million
    NHPC 1,000 1,000 4.490 miliion
    IRCON 500 500 4.494 milllion
    NTPC 2,500 1,990 4.495 million
  6. Additionally, SECI has been allocated 1,200 MW capacity at L1 bid.  

Tender status

Results announced

Tender timeline

Tender release 29 January 2021
Bid submission 31 August 2021
Bid result 23 September 2021
Estimated PPA signing March 2022
Estimated COD March 2025