The Ordnance Factory Board (OFB) cut its cost of electricity consumption from Rs 463.22 lakh during 2015-16 to Rs 163.78 lakh during 2018-19, using solar power generated from grid-connected PV projects installed at its various units.
With continuous decline in costs of solar power generation, the chorus for shortening the 25-year power purchase agreement (PPA) period is growing louder.
The Mumbai-based EPC contractor and module manufacturer expects its international business to account for more than 15% of its overall revenue. The company’s latest installation, in Vietnam, marks the completion of over 600 MW of solar EPC projects, with an additional 100 MW in its international pipeline.
The preliminary proposals must reach the ministry by June 30. These will be examined by a committee and the shortlisted parties will be invited to submit final proposal.
Falling PV panel prices led to notable year-on-year falls in the cost of developing solar plants around the world. India led the way with PV projects costing a weighted average of just $793/kW of capacity installed in 2018. Costs in China dipped to $879/kW last year, while solar projects in US and Australia cost $1,500.
The company’s renewable capacity under implementation has now swelled to 500 MW, which is in addition to the operating capacity of 2,268 MW.
The ground-mounted solar PV plants are to be set up at the oil and natural gas company’s terminals in the states of Telangana (750 KW), Uttar Pradesh (550 KW) and Punjab (230 KW). Bidding closes on June 4.
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