Karnataka Awards 760 MW PV

Karnataka Renewable Energy Development Agency Awards 760 MW PV In Auction For Tariffs Ranging Between 2.94 INR ($0.045)/kWh & 3.54 INR ($0.056)/kWh
12:54 AM (Beijing Time) - 05. February 2018
n_mar_india_Karnataka Awards 760 MW PV_ab 2018-02-02

Among the winners in KREDL's 760 MW auction, Shapoorji Pallonji won 185 MW of total capacity. The winning tariffs for all its capacity range from 2.94 INR ($0.045) per kWh to 3.03 INR ($0.048) per kWh. Other big winners include ACME Solar that won 106 MW, followed by ReNew Power with 99 MW. (Source: Mercom India Research)

Key Takeaways

  • KREDL has awarded 760 MW of PV capacity, while the original tender included 860 MW
  • Winners for remaining 100 MW are expected to be announced soon
  • All winning tariffs range between 2.94 INR ($0.045) and 3.54 INR ($0.056) per kWh
  • Shapoorji Pallonji won the largest capacity of 185 MW, offering tariffs ranging between 2.94 INR ($0.045) per kWh and 3.03 INR ($0.048) per kWh

The lowest tariff in the original 860 MW Karnataka Renewable Energy Development Limited (KREDL) tender was 2.94 INR ($0.045) per kWh, which is much lower than the benchmark tariff fixed at 3.57 INR ($0.0557) per kWh.

KREDL originally tendered 860 MW PV capacity to be developed across 43 taluks or sub-districts in December 2017. It had reduced the benchmark tariff from the earlier 4.36 INR ($0.068) to comply with the orders of the Karnataka Electricity Regulatory Commission (KERC) (see Benchmark Tariff For 860 MW PV Tender Lowered).

According to Mercom India Research, KREDL has auctioned and awarded 760 MW of grid-connected PV projects that will be developed in 38 taluks across the state. The winners for the remaining 100 MW will be announced soon. The market intelligence firm believes bids were not submitted for five taluks, namely Mundargi, Gajendragad, Gurmitkal, Maski and Kuragodu.

Shapoorji Pallonji wins biggest chunk

Among the winners, Shapoorji Pallonji won 185 MW of total capacity in the tender. The winning tariffs for all its capacity range from 2.94 INR ($0.045) per kWh to 3.03 INR ($0.048) per kWh. Other big winners include ACME Solar that won 106 MW, followed by Asian Fab Tec with 85 MW, Emmvee with 80 MW, ReNew Power with 99 MW, Greenko with 45 MW and TEP Rooftop Solar with 55 MW. The followers’ winning tariffs ranged between 2.94 INR ($0.045) per kWh and 3.54 INR ($0.056) per kWh.

Mercom pointed out that two bidders, Svarog Global (20 MW) and Emmvee (20 MW), quoted rather high tariffs of 3.54 INR ($0.056) per kWh – and won. “This strengthens Mercom’s recent analysis which cited that if the uncertainties in the sector are not eliminated, solar will once again become costly,” it stated.

 In all of its recent tenders, SECI has fixed the upper ceiling tariff at 2.93 INR ($0.046) per kWh.

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