Top developers secure 1,250 MW in PFC Consulting's Solar Power Auction
NTPC REL and ACME secured 900 MW and 300 MW capacities, respectively, quoting the lowest tariff at Rs 2.53 (~$0.0304)/kWh. Meanwhile, Solarcraft Power India 12 won 50 MW using the bucket-filling method, quoting Rs 2.54 (~$0.0305)/kWh.
The projects will follow a build-own-operate model, offering flexibility in generating and scheduling thermal-hydropower by integrating with renewable energy and storage.
ReNew Solar Power and Avaada Energy, although qualifying, did not secure any capacities. They quoted Rs 2.55 (~$0.0306)/kWh and Rs 2.58 (~$0.0310)/kWh, respectively, for 300 MW capacity.
PFC Consulting initiated the tender for the project in September 2023. Successful bidders will enter into a 25-year power purchase agreement (PPA) with NTPC, aiming to replace thermal power in existing PPAs with distribution companies.
The chosen developers are mandated to establish transmission systems for the projects, utilising modules from the Ministry of New and Renewable Energy's Approved List of Models and Manufacturers. Commissioning of the projects is required within 18 months of the PPA taking effect, with an annual minimum capacity utilisation factor of 22%.
In a recent Solar Energy Corporation of India auction for 1 GW ISTS-connected solar power projects (Tranche XII), Blupine Energy secured 150 MW at Rs 2.53 (~$0.0304)/kWh.
Earlier this month, REC Power Development and Consultancy floated a tender for 250 MW ISTS-connected solar power projects nationwide, with a greenshoe option of an additional 250 MW. The program allows flexibility in generating and scheduling thermal or hydropower by bundling with renewable energy and storage.
In June of this year, PFC Consulting invited bids for an interstate transmission system to evacuate 1,500 MW of power from renewable energy projects in Maharashtra's Solapur special economic zone.