May 13 (Renewables Now) - Indian renewable power producer ReNew Power Ltd has won a tender for 400 MW of renewables capacity in India that will be the first to deliver “round-the-clock” electricity.
The tender was held by the Solar Energy Corporation of India (SECI) on behalf of the Ministry of New and Renewable Energy. Information on the Ministry’s website shows that ReNew Power has secured the right to install the capacity with a tariff of INR 2.90 (USD 0.038/EUR 0.035) per kWh.
According to the tender regulations, the selected bidder can develop solar, wind or hybrid power projects. The power plants can be additionally coupled with energy storage capacity to meet criteria for delivering electricity during peak demand periods. The selection of the storage technology is left to the developer’s discretion.
SECI will award a 25-year power purchase agreement (PPA) to the selected bidder, while the contracted capacity has to be commissioned within 24 months after the PPA is signed. The agency has set an annual escalation of 3% on the quoted tariff up to the 15th year of the contract.
According to Mercom Capital, Greenko, HES Infra and Ayana were among Renew Power’s rivals in the competition, which was oversubscribed by 550 MW.
(INR 10 = USD 0.133/EUR 0.122)