ENGIE, Avaada, Jakson and Mahindra Among Winners of NHPC’s 3 GW Solar Auction
Seven of the eight winners quoted the second lowest tariff of ₹2.53
Solairedirect Energy India (ENGIE), Avaada Energy, Hazel Hybren (Mahindra), Jakson, Sprng Energy, Green Infra Wind Energy (Sembcorp), Apraava Energy, and Hinduja Renewable Energy have won NHPC’s auction to develop 3 GW of interstate transmission system (ISTS)-connected solar power projects across India.
Solairedirect won the total quoted capacity of 250 MW at a tariff of ₹2.52 (~$0.0303)/kWh.
The rest of the winners, Avaada (1,000 MW), Hazel Hybren (300 MW), Jakson (400 MW), Sprng Energy (250 MW), Green Infra Wind Energy (300 MW), Apraava (250 MW), and Hinduja (250 MW) quoted ₹2.53 (~$0.0304)/kWh.
Hinduja Renewable Energy had bid for 490 MW but was awarded 250 MW under the bucket-filling method.
The reverse auction discovered the opening L1 tariff of ₹2.64 (~$0.0317)/kWh.
NHPC floated the tender for the projects in June this year.
The projects must be commissioned within 18 months from the effective date of signing the power purchase agreement.
The tender had specified that projects already commissioned would not be considered. Projects under construction or not yet commissioned would be considered if they are not already accepted under any other central or state programs.
The selected solar project developers will be responsible for getting ISTS connectivity.
The declared annual capacity utilization factor (CUF) should, in no case, be less than 17%. The solar project developer should maintain generation to achieve annual CUF within + 10% and – 15% of the declared value till the end of ten years from the commissioning date, subject to the annual CUF remaining at a minimum of 15% and within +10% and -20% of the declared value of the annual CUF after that till the end of the PPA duration of 25 years.
According to Mercom India Research, solar auctions increased 86% year-over-year (YoY) in the third quarter of 2023, and tender activity saw a 7% YoY increase.
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