Tag:

ReNew Power Ventures

India Allocates Another 65 MW At Charanka Solar Power Park

written by saurabh

The series of project allocations by Solar Energy Corporation of India continue as the country developers several solar power parks simultaneously.

Solar Energy Corporation of India (SECI) auctioned 65 MW solar PV power capacity in the Charanka solar power park, Gujarat. The projects were auction under the viability gap funding scheme wherein developers are required to submit the minimum capital cost support they will require to set up the projects.

Indian project developers ReNew Power Ventures and Mahindra Renewables secured 40 MW and 25 MW capacity, respectively. ReNew Power Ventures quoted a bid of Rs 7.01 million (US$104,700) per MW while Mahindra Renewables placed a bid of Rs 7.77 million (US$115,892) per MW. The developers shall be free to choose imported or Indian-made modules.

The bids placed by the ReNew Power and Mahindra Renewables are higher than the successful bids placed for projects at the same solar power park earlier this year. SECI had auctioned 200 MW capacity in June with all project developers required to use Indian-made modules. The bids at that time were between US$101,810 and US$116,455 per MW.

Government-owned entity Gujarat Industries Power Limited and Mahindra Renewables secured 40 MW capacity each in that auction while Orange Renewables secured a 40 MW project. All the projects will sign power purchase agreement with the Solar Energy Corporation of India for a period of 25 years at a fixed tariff of Rs 4.43/kWh.

08/31/2016 1 comment

Renewable Energy

Hareon, ReNew Power Commission 72 MW Solar Power Capacity In India

written by saurabh

India-based ReNew Power Ventures has announced another solar power project operational.

ReNew Power Ventures, in partnership with China-based manufacturer of Hareon Solar Technologies, has commissioned two utility-scale solar PV projects with combined installed capacity of 72 MW. The projects are located in the southern state of Andhra Pradesh. The projects will generate enough electricity to power more than 30,000 households and offset almost 116,000 tonnes of carbon dioxide emissions every year.

The projects were secured by ReNew Power through competitive bidding under the solar power policy announced by the government of Andhra Pradesh. The project was allocated to the company in 2015 at a tariff of Rs 5.98/kWh (US¢9.0/kWh) with a power purchase agreement for 25 years. Apart from supplying multi-crystalline modules, Hareon Solar Technologies is believed to have made investment in the project as well.

Last month, ReNew Power Ventures announced that it became the first company in India to achieve 1 GW of operational renewable energy assets. The company operates 29 wind and solar power projects across 9 states in India and has set a target to have operational assets of 6.5 GW solar power and 5 GW wind energy over the next 4-5 years.

In addition to Andhra Pradesh the company operates solar power projects in the state of Madhya Pradesh as well. It also secured rights to develop 149 MW solar power capacity in the state of Telangana. ReNew Power has entered a joint venture with South Korea-based Hanwha Q CELLS. Again, the modules manufacturer shall supply solar panels as well as make investment in the project.

05/24/2016 0 comment

Articles Renewable Energy

Indian Solar Power Bids Stabilise At US$7/kWh In Absence Of Foreign Competition

written by saurabh

In the absence of international project developers who had driven solar power bids to historic lows in India, fresh bids seem to have stabilised at around US$7/MWh.

In one of the recent solar power auctions in India the competition among bidders remained very high but the lowest tariff was in-line with those seen in other auctions where foreign developers had failed to make the cut.

A total of 350 MW solar power capacity was auctioned in the southern Indian state of Telangana. The winning bids were Rs 4.66/kWh and Rs 4.67/ kWh (US¢7.00/kWh). Five developers managed to secure 350 MW capacity within this tight bidding range.

ReNew Power Ventures and Azure Power won 100 MW capacity each while Karvy Consultants Adani Enterprises and ACME Solar won 50 MW capacity each. All these developers, except Karvy Consultants, are some of the most active project developers in the Indian solar power market. Karvy Consultants is one of the India’s largest integrated financial services provider.

Again, no foreign developers could secure any project. It was not immediately clear which foreign developers participated. Last year, the likes of SunEdison, SkyPower Global, SBG Cleantech and Fortum Group had driven the solar power tariffs to record-low levels of Rs 4.34/kWh (US¢6.5/kWh).

Following the bankruptcy protection filing by SunEdison the participation by foreign project developers has gone down sharply. And in their absence Indian developers have managed to win many projects at comparatively higher tariffs.

While the recent bids of around Rs 4.70/kWh (US¢7.1/kWh) are at a premium of around 8% to the lowest bid ever in India they are at a discount of 19% to the benchmark tariff set by the Indian regulatory body for the current financial year.

05/07/2016 1 comment

Renewable Energy

Competitive Solar Auction In India Keeps Tariffs Under US¢7.2/kWh

written by saurabh

Indian and international project developers continue to fight it out in one of the fastest growing solar power markets in the world.

The recent solar power auction in the Indian state of Karnataka saw one of the most competitive bidding in recent times. The auction allocated 500 MW capacity of the planned 2 GW solar power park part of the ambitious ultra mega solar power project scheme announced by the Indian government.

A total of 6 developers managed to win rights to develop the first phase of the solar power park. The winning bids were all within a range less than one US cent. The winning bids were between Rs 4.78/kWh to Rs 4.80/kWh (US¢7.2/kWh).

Interestingly, 5 of the 6 project developers were Indian companies while many major foreign developers, including SunEdison and Canadian Solar, failed to the cut.

Among the successful bidders, Adani Enterprises, Fortum Group (from Finland), ACME Solar, and Tata Power secured 100 MW project each while RattanIndia Power and ReNew Power Ventures won 50 MW project each.

Such a positive response to one of the first auctions under the ultra mega solar power scheme is very encouraging for the Indian government. The scheme is one of the mainstays of the Indian National Solar Mission which aims for 100 GW operational solar power capacity by March 2022.

Continued and active participation by the Indian developers is also a testament to the fact that it is not just the foreign developers that are propelling the low-cost solar power revolution in India.

04/26/2016 0 comment

Renewable Energy

Foreign Developers Fail To Make The Cut In India 500 MW Solar Power Auction

written by saurabh

Six project developers wrapped up 500 MW solar power tender with difference in their tariff bids of less than one US cent.

Interestingly, only a single foreign project developer could make the cut. Foreign project developers, like SkyPower Global, SunEdison and Fortum, have so far led the record-breaking solar power tariffs in India.

SkyPower Global is not believed to have participated in the auction while SunEdison could not submit a winning bid. Fortum Group managed to secure rights to develop 100 MW project at Rs 4.79/kWh (US¢7.2/kWh). Canadian Solar also participated in the bidding process but failed to quote a low enough tariff bid. The projects shall be part of the 2 GW ultra mega solar power project coming up in the southern state of Karnataka.

Apart from Fortum Group, all other winning developers are based in India. RattanIndia Power and ReNew Power Ventures won bids for 50 MW capacity each. Adani Enterprises, ACME and Tata Power secured the rights to develop 100 MW capacity each.

Participation by SunEdison should come as nothing short of a surprise. The company secured rights to develop a 500 MW project in Andhra Pradesh last year at Rs 4.63/kWh (US¢6.9/kWh) but is believed to be having problems implementing the project due to its poor financial condition.

04/20/2016 0 comment