“Golden chapter added in Indian Renewable Energy story, as e-RA for 400 MW RE Projects with Round the Clock (RTC) supply conducted by SECI Ltd results in historic 1st year tariff of Rs 2.90/kWh. MNRE makes a new beginning towards firm, schedulable and affordable RTC supply through 100 percent RE power,” Power and New & Renewable Energy Minister R K Singh said in a tweet.
What makes the ReNew Power’s tariff a historic one, is the fact that this tender provides for a round-the-clock energy supply from 100 percent RE based energy generation sources, such as wind and solar PV, combined with storage.
The tender for 400 MW capacity had received a strong participation, with four bidders submitting their bids for a total capacity of 950 MW.
Three out of the four bidders, namely ReNew Solar Power, Greenko Energies and HES Infra were finally shortlisted for the e-RA.
Power from this project is targeted to be sold to the NDMC and Daman & Diu and Dadra & Nagar Haveli, with each entity off taking a capacity of 200 MW.
There was no ceiling tariff for the projects and the developers are free to set up the project on a pan-India basis. The projects under this tender will be set up under the build-own-operate model.
The developer will be provided a maximum time period of 24 months from the effective date of power purchase agreement. The first year tariff shall be escalated @3 percent on an annual basis, up to the 15th year of the 25-year term of the agreement.
As a result, the effective tariff for the said project amounts to Rs 3.59/kWh. Compared to the tariffs witnessed in conventional sources of generation, this tariff offers a much better proposition for the discoms to meet their energy demand through 100 percent RE supply, the MNRE said.
This is a Syndicate News-Feed, edited by Clean Future Team