ACME Solar Holdings and ReNew Solar Power won the Maharashtra State Electricity Distribution Company Limited (MSEDCL) solar auction to procure power from 500 MW of solar photovoltaic (PV) projects on a long-term basis.
ACME Solar Holdings won a capacity of 300 MW valuing Rs 2.42 kW per hour. Meanwhile, ReNew Solar Power won 200 MW valuing Rs 2.43 kW per hour.
The solar tender was oversubscribed by 3.5 GW and had received a great response from the bidders. In May, the state distribution company (DISCOM) had floated the tender to procure 500 MW of power from interstate or intrastate solar projects on a long-term basis.
MSEDCL officials said that the main reasons for such an enormous response are the absence of a ceiling tariff this time around, which was Rs 2.90 kW per hour prior. Lower earnest money deposit of Rs 400,000 per MW, which was Rs 500,000 per MW for Phase-V tender, and lower performance bank guarantee of Rs 800,000 per MW, which was Rs 1.4 million per MW for the earlier tender.
The tender of MSEDCL for the long-term procurement of power from 500 MW of intra-state grid-connected solar power tenders was undersubscribed earlier.
In the case of new solar projects, MSEDCL will enter into a power purchase agreement (PPA) to purchase solar power for 25 years from the listed commercial operation date with the selected bidders.
In May this year, a Tata Power subsidiary, TP Saurya, was announced as the winner for setting up 250 MW of grid-connected solar PV projects at the Dondaicha Solar Park in Dhule in Maharashtra State Power Generation Companies (MAHAGENCO) auction.
Also read: ACME Solar enters deal with Brookfield Renewable for solar project
Also read: Acme Solar withdraws petition to cancel PPAs signed for Rajasthan projects
