An emerging renewable IPP has managed to grab a massive share in yet another solar power auction held by the Solar Energy Corporation of India.
The results of the first major solar auction in the state of Odisha have been declared and Odisha has finally joined the long and rapidly expanding list of Indian states where large-scale solar power projects will come up under the central government policy.
In the latest solar auction conducted by Solar Energy Corporation of India (SECI) for Odisha, 270 MW capacity has been awarded to three solar firms. Out of total 270 MW tender, 240 MW has been awarded to Essel Green Energy, an arm of Essel Group while balance 10 MW has been awarded to Jyoti Infrastructure and 20 MW to IBC Solar Ventures.
All the successful bidders will be offered fixed tariff of INR4.43/kWh (US$0.067) combined with viability gap funding (VGF) provided by SECI. Essel Green sought capital cost support of INR 4.95 million (US$73,825) per MW whereas IBC Solar and Jyoti Infrastructure asked for INR 4.925 million (US$73,452) per MW and INR 4.915 million (US$73,303) per MW respectively. The VGF amount will be paid to the project developers as lump sum on commissioning which would effectively reduce the capital cost of the projects.
Earlier this year, SECI had announced floating of 450 MW and 50 MW tender for Odisha for projects to be developed under Phase II Batch IV of the National Solar Mission. The current auction of 270 MW is believed to be part of 450 MW original tender that was first reduced to 300 MW and then further to 270 MW during the bidding process.
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