INR 2.22/kWh: L1 Tariff For 300 MW Gujarat PV Tender

Torrent Power Limited Selects Torrent Power Generation & Adani Green Energy For 300 MW Solar Power Capacity: Mercom India Research
12:16 AM (Beijing Time) - 23. February 2021

Torrent Power Limited, a distribution licensee for a number of cities in Gujarat including capital Ahmedabad (in the picture), attracted high interest from developers for its 300 MW PV tender. It attracted INR 2.22 per kWh as the lowest winning tariff from the winners. (Photo Credit: Ahmedabad District Administration)

Key Takeaways

  • Torrent Power Limited has chosen 2 winners for its 300 MW solar tender launched in December 2020
  • It has chosen Torrent Power Generation and Adani Green Energy to develop 150 MW each in the state of Gujarat
  • Both the winners quoted INR 2.22 per kWh to win stake claim to the capacity, according to Mercom India Research

A 300 MW grid connected solar PV tender launched in India by Torrent Power Limited (TPL) in December 2020 in Gujarat has 2 winners, according to Mercom India Research. One of the winners is another Torrent Power entity, Torrent Power Generation.

The other winner is Adani Green Energy, both of whom quoted INR 2.22 ($0.03) per kWh to win 150 MW each. This tariff is higher than INR 1.99 per kWh the Gujarat Urja Vikas Nigam Limited (GUVNL) secured as the country’s historic low for a solar tender in December 2020 for a 500 MW solar auction (see Historic Low For Indian Solar Tariffs @INR 1.99/kWh).

The 2 winners are now eligible to sell solar power to TPL from this 300 MW capacity in the state of Gujarat. TPL, a distribution licensee in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat, will enter into a power purchase agreement (PPA) with successful bidders for 25 years.

Mercom says the tender received good response from a number of companies and was oversubscribed.

After eliciting a tepid response to the tender 2 times it was launched and re-launched in January 2019 and August 2019, respectively, TPL got 3rd time lucky with the tender when it was re-issued in December 2020.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani