Power purchase agreements (PPAs) have finally been signed by the Solar Energy Corporation of India (SECI) for the 750 MW Bhadla Solar Park in Rajasthan, reports Mercom Capital Group.
SECI auctioned these projects in May, where they attracted the most aggressive bids ever recorded in the country. The corporation conducted two separate auctions, first for 250 MW, and later for the 500 MW Bhadla Phase-III solar park. The latter received the India’s lowest bid, at INR 2.44 ($0.037)/kWh.
Haryana-based solar developer, ACME Solar won 200 MW under the Bhadla Phase-III auction. The remaining 300 MW capacity was awarded to SBG Cleantech, a joint venture between Japanese-Indian-Taiwanese firms, at a rate of INR 2.45 ($0.038)/kWh.
The 250 MW Bhadla Phase-IV project, was auctioned a week earlier then Phase-III. It also broke earlier tariff records, with a bid of INR 2.62 ($0.041)/kWh. According to Mercom, in that auction, Phelan Energy Group, a South African developer, won 50 MW with a tariff of INR 2.62/kWh. Meanwhile, Avaada Power, the renewable energy arm of the newly emerged Welspun Energy, and SBG Cleantech each won 100 MW, with tariffs of INR 2.62/kWh and INR 2.63/kWh, respectively.
Mercom’s source at SECI said, “The PPAs for these projects were signed by SECI and the developers in September 2017. Now the developers have 12 months to complete the projects. By September 2018, all of the 750 MW should be added to the grid if everything goes according to plan.”
Mercom reports that both ACME and SBG Cleantech have confirmed the PPA signing. This comes as positive news for developers who are planning to bid on SECI’s other 750 MW Bhadla Solar park tender, released in June 2017. The tender was prompted due to the Ministry of New and Renewable Energy’s decision to halt interstate transmission charges on solar power projects.
Developers still have time to bid in SECI’s latest auction. According to a recent update, the bid submission deadline for the 750 MW tender has been extended to December 5, 2017.