SAEL Industries,  Waaree Forever Energies (a subsidiary of Waaree Energies), MB Power (Madhya Pradesh) (a subsidiary of Hindustan Power), and JLTM Energy India (a subsidiary of Technique Solaire) have won the Punjab State Power Corporation’s (PSPCL) auction to procure 500 MW of solar power from projects located anywhere in the country on a long-term basis.

SAEL Industries won 250 MW by quoting a tariff of ₹3.05 (~$0.0327)/kWh. JLTM Energy India and Waaree Forever Energies quoted a tariff of ₹3.07 (~$0.0329)/kWh to win 50 MW and 100 MW, respectively.

MB Power (Madhya Pradesh) won 100 MW out of a quoted capacity of 150 MW at a tariff of ₹3.07 (~$0.0329)/kWh under the bucket filling method.

PSPCL had floated the tender in January this year to fulfill its renewable purchase obligation and meet future renewable power requirements.

PSPCL will enter into a power purchase agreement (PPA) with the successful bidders for 25 years from the project’s supply commencement date.

Successful bidders are free to avail themselves of fiscal incentives such as accelerated depreciation, concessional customs and excise duties, tax holidays, benefits from trading in carbon credits, and fiscal assistance under the Punjab New and Renewable Sources of Energy.

Only commercially established and operational technologies can be used to minimize the technology risk and to achieve timely project completion.

Projects that are under construction, yet to be commissioned, or already commissioned but without any long-term PPA and currently selling power on a short-term or merchant basis will be considered, provided these projects have not already been approved under any other central or state programs.

The responsibility of obtaining grid connectivity and long-term access from PSPCL will be entirely with the successful bidders.

All expenses, including wheeling charges and losses between the project and the delivery point, will be paid by the successful bidders.

Last month, PSPCL invited bids to set up 500 MW/1,000 MWh battery energy storage systems in Mohali and Jalandhar.

Earlier, PSPCL issued a tender to procure 1 GW of power from solar projects with capacities ranging from 1 MW to 5 MW, located anywhere in Punjab.

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