KREDL Auctions 550 MW

Karnataka Agency Auctions 45% Of 1.2 GW PV Capacity Tendered In January 2018; ReNew Power Wins 300 MW For 2.91 INR ($0.0447)/kWh
07:30 AM (Beijing Time) - 27. March 2018
KREDL1

Three winners have bagged 550 MW PV capacity auctioned for the Pavagada Solar Park in Karnataka with the lowest winning tariff of 2.91 INR ($0.0447) offered by ReNew Power.

Key Takeaways

  • KREDL had tendered 1.2 GW of PV capacity for Pavagada Solar Park in January 2018 of which it has now auctioned 550 MW
  • ReNew Power has won 300 MW, Avaada Power 150 MW and Azure Power 100 MW of this auctioned capacity
  • The remaining 650 MW will be re-tendered by KREDL, as per Mercom
  • Azure has also won a 30 MW solar rooftop project from the Indian Railways which will be spread across 12 Indian states

The Karnataka Renewable Energy Development Limited (KREDL) has auctioned 550 MW out of 1,200 MW grid connected PV capacity it tendered in January (see 1.2 GW Of PV Tendered In Karnataka). This capacity will be developed in Pavagada Solar Park in the state of Karnataka.

Of the total capacity, 650 MW will be retendered by KREDL, as per consultancy Mercom India.

ReNew Power has won 300 MW of the auctioned capacity with the lowest tariff of 2.91 INR ($0.0447) per kWh, followed by Avaada Power with 150 MW for 2.92 INR ($0.0448) per kWh, and Azure power winning 100 MW for 2.93 INR ($0.0450) per kWh.

Avaada Power recently entered a MoU with the State Government of Andhra Pradesh to develop 500 MW of utility-scale PV power projects in the state.

Uncertainties surrounding solar sector in the country is to blame for KREDL not having auctioned the entire 1.2 GW, according to Mercom. The market intelligence firm believes lukewarm response has been received from developers for more than 2 GW of tendered PV capacity of late because of uncertainty surrounding safeguard duty (see Safeguard Duty Fears Affect PV In India).

Azure wins 130 MW

Along with the 100 MW utility scale PV capacity won in the Karnataka tender, Azure Power has also secured a 30 MW solar rooftop project with Indian Railways. It takes the recent wins for Azure to 130 MW of solar power projects.

Azure won the 100 MW capacity in Pavagada Solar Park from which it will supply clean power to electricity supply companies in the state of Karnataka. This win brings Azure’s total portfolio in Karnataka to about 250 MW.

With the 30 MW PV rooftop project, Azure says, it has become the largest supplier of solar power to the Indian Railways with a cumulative awarded capacity of 76 MW. This capacity will be spread across 12 states in for Indian Railways facilities. The company claims it qualifies for a capital incentive from the Indian Railways and the power will be sold at a weighted average levelized tariff of 4.74 INR ($0.075) per kWh.

Now, the total portfolio of the company stands at over 1,720 MW. Azure Power expects to end 2018 with 905 MW to 1,000 MW of operational capacity, and by March 31, 2019, it is aiming for 1.3 GW to 1.4 GW of operational capacity (see Azure Revenues Increased 90% During 9M/2018).

Anu Bhambhani

Anu Bhambhani is the News Editor of TaiyangNews

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Anu Bhambhani