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Indian Renewable Energy Development Agency Ltd (IREDA) has extended the bid submission date for the execution of the Central Public Sector Undertaking (CPSU) scheme phase-II to June 15 for setting up 12,000 MW grid-connected solar projects with Viability Gap Funding (VGF). The last date to submit the bids was May 30 earlier. A VGF is given to cover the cost difference between domestic and imported solar cells and modules. VGF is going to be released in two phases. The CPSUs must submit their responses by 15 June 2021, and the successful bidders will be selected by July 20. MNRE had appointed IREDA as the executing agency for the scheme earlier. Under the scheme, the power produced by the government producers can be used on payment of mutually agreed usage charges of not more than Rs 2.45 per unit for use by the government or government entities or self-use, either through discoms or directly. The maximum VGF that is permissible is Rs 55 lakh per megawatt. The bidding process will decide the actual VGF to the government producer using the VGF amount as a bid parameter to select the project developer. The MNRE will review the maximum permissible BGF amount from time to time and reduce it if the cost comes down. IREDA invited proposals on 29 January 2021, to set up Grid (including Mini & Micro Grid) Connected Solar PV projects anywhere in the country, as a part of the Central Government's aim to achieve a cumulative capacity of 100 GW Solar PV installation by the year 2022. This should be done on a Build Own Operate (B-O-O) basis for an aggregate capacity of 5,000 MW under Phase-II (Tranche-III). Image Source Also read: Indian Railways invites bids for 15 MW solar project with battery storage Also read: Bharat Petroleum floats tender for 15 MW solar, non-solar RE projects