The first year tariff of INR 2.90 per kWh was achieved in a nail-biting contest between the bidders in the an RTC auction of SECI. The final first year tariff decreased by INR 0.69 per kWh over almost 3 hours of the auction. (Photo Credit: SECI)
- ReNew Power has secured the contract for 400 MW RTC power supply of renewable energy from SECI
- It beat Greenko, HES Infra and Ayana Renewables to win the contract for first year tariff of INR 2.90 per kWh;
- This power will be supplied from 100% renewable energy generation sources as solar PV and wind power along with storage
- The tariff will then be escalated by 3% annually up to the 15th year during the 25-year term of the PPA; thus the effective tariff for the project over the entire contract period is Rs.3.59/kWh
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Indian renewable energy independent power producer (IPP) ReNew Power has won the 400 MW round-the-clock (RTC) power supply auction in India quoting a tariff of INR 2.90 ($0.038) per kWh, which is ‘historic first year tariff’, stated the government.
A press statement issued by the Government of India’s Press Information Bureau (PIB) states, “What makes the tariff a historic one, is the fact that this tender provides for a Round-the-Clock energy supply from 100% RE based energy generation sources, such as wind and solar PV, combined with storage. The developer will be provided a maximum time period of 24 months from the Effective Date of PPA. The first year tariff shall be escalated @3% on an annual basis, up to the 15th year of the 25-year Term of the PPA. 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% RE supply.”
SECI had issued the tender last year for 200 MW of renewable energy to be supplied RTC to New Delhi Municipal Corporation (NDMC) and another 200 MW to be supplied to Daman & Diu and Dadra & Nagar Haveli on build-own-operate (BOO) basis. ReNew Power beat Greenko, HES Infra and Ayana Renewables to win the contract for the tender that was massively oversubscribed with the 4 bidders bidding for an aggregate of 950 MW.
ReNew Power will be able to set up the projects anywhere across India within 24 months from the effective date of the power purchase agreement (PPA). It won the auction ‘after a closely fought auction which saw the lowest tariff drop by INR 0.69 ($0.0091) per kWh over the course of almost 3 hours’.