One of India’s largest solar power tender will finally see fruition as power purchase agreements are expected to be signed soon.
According to media reports, project developers that secured rights to develop more than 1 GW of utility-scale solar power projects in the eastern state of Jharkhand are expected to sign power purchase agreements soon.
The state government of Jharkhand had announced results of the bidding in March this year, however, the PPA could not finalised and signed as per schedule due to differences between the utilities and project developers over tariff bids.
Tariff bids placed by successful project developers range between Rs 5.08/kWh (US¢7.5/kWh) and Rs 7.95/kWh (US¢12.0/kWh). These are significantly higher than the lowest bid by Fortum Group placed for a project in Rajasthan earlier this year. The 70 MW project was secured by Fortum at Rs 4.34/kWh (US¢6.4/kWh).
The 1.2 GW tender was offered in two categories – 200 MW for projects up to 25 MW capacity and 1 GW for 26 MW to 50 MW capacity.
According to reports, ReNew Solar Power was the largest winner and secured 522 MW capacity across the two categories in a tariff range of Rs 5.08/kWh (US¢7.5/kWh) and Rs 5.55/kWh (US¢8.2/kWh). Adani Green Energy secured 10 projects of 50 MW capacity each in a tariff range of Rs 5.45/kWh (US¢8.0/kWh)and Rs 6.05/kWh (US¢8.9/kWh).
Suzlon Energy, a well-known name in the wind energy market and having recently entered the solar power market, secured rights develop 325 MW through 8 projects. Essel Green Energy secured 300 MW capacity projects; ACME Solar Holdings 225 MW capacity; SunEdison 200 MW capacity; and Hero Solar Energy 175 MW.