Ahmedabad-based Parampujya Solar has won a mandate to put up 350 MW of solar projects in Karnataka in a Solar Energy Corporation of India tender.
Government of India-owned SECI tendered out 920 MW on viability gap funding basis, fixing the tariff at Rs. 4.43 a kWhr. Bidders who ask the least amounts of funding will secure mandate to put up solar projects and sell the power to SECI at Rs. 4.43 a unit.
Parampujya Solar bid for 500 MW quoting Rs. 73.50 lakh of VGF per MW, but got only 350 MW of it, as others edged past it, quoting lower.
They included Delhi-based renewable energy companies, Hero Future Energies and ACME, which bagged 200 MW and 160 MW respectively, quoting Rs. 68 lakh and Rs. 73.49 lakh, respectively.
The other winners were: Delhi-based JK Petrotech (10 MW), Solitaire Powertech (30 MW), PCIL Pune (40 MW) and Energon Soleq (100 MW).
JK Petrotech is making its debut in solar. The companys Chief Executive, Gaurav Gupta, has said it intends to build 100-150 MW in the next two years. The company has contracted Oriano Solar for constructing the Karnataka project.
Notably, the ask for viability gap funding seems to be settling at around Rs. 73.50 lakh a MW. Only Hero bid less than Rs. 70 lakh. The highest, of course, was of Parampujya Solar.
In contrast, in another bidding of SECI last month, for projects in Andhra Pradesh, the ask for VGF was as low as Rs. 44.50 lakh a MW (a Spanish company called FRV Solar, making its debut in India.) ACME, which quoted Rs. 73.49 lakh in Karnataka, had won 150 MW in the AP bid, quoting Rs. 55 lakh a MW. As such, the rates are firming up.
India had at the end of March, 6.7 GW of solar capacity and is expected to add at least as much in the current financial year.