India’s 1.2 GW solar tender oversubscribed by 2.3 GW

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Solar Energy Corporation of India (SECI) has received a total of 3.5 GW in bids from major firms for the country’s 1.2 GW solar power tender launched under theà‚ Interstate Transmission Connectivity (ISTS) Tranche VIII.

According to Mercom India Research, The list of participants includes ReNew Power, Softbank, Avaada, O2 Power, Brookefield, Eden, Tata, Ayana, and IB Solar.

ReNew Power and Softbank bid for 600 MW each, whereas Avaada bid for 500 MW and the remaining six companies bid for 300 MW each, totalling 1.8 GW.

The installation of the solar PV power projects will be on a build-own-operate (BOO) basis.

A few days back, SECIà‚ amendedà‚ the power purchase and sale agreement (PPA and PSA) for this 1.2 GW solar tender, adding another point to the existing ‘change in law’ clause.

The energy transition and renewable energy are hot topics disrupting the utility industry in India and will be a key focus at the POWERGEN INDIA and Indian Utility Week summit which takes place in New Delhi.

The additional clause states that in case of a change in the law on account of anti-dumping duty or safeguard duty or customs duty on solar photovoltaic (PV) modules, the solar power developer will be entitled to either an increase or decrease in the tariff.

Recently, Greenko Group andà‚ ReNew Powerà‚ wonà‚ the auction conducted by SECI for 1.2 GW of solar, wind, and energy storage projects with guaranteed peak power supply. While Greenko was awarded 900 MW, ReNew Power won 300 MW of projects. Greenko Group won the bid at a peak power tariff rate of INR6.12 (~$0.086)/kWh, and ReNew Power won at INR6.85 (~$0.096)/kWh.

According to Mercom’sà‚ India Solar Tender Tracker, SECI has tendered nearly 12.2 GW under ISTS (Tranche I to Tranche VIII) and has auctioned ~7.64 GW under ISTS Tranche I to VII.

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