ACME Solar Holdings, an independent power producer (IPP) has won a SECI auction to develop 75 MW of solar projects in Parasan Solar Park, located in the state of Uttar Pradesh by quoting the lowest (L1) tariff of ₹3.32 (~$0.049)/ kWh.
Mercom’s source at ACME said, “Ayana Renewables was another bidder but it had offered a tariff of ₹ 3.34 (~$0.049)/kWh”.
According to Mercom’s India Solar Project Tracker, ACME has a portfolio of over 1.1 GW of large-scale solar projects in operation, and an under development pipeline of over 1 GW.
ACME Solar Holdings will have 12 months from the effective date of the power purchase agreement (PPA) to commission the project. The PPAs will be signed within one month of the issue of Letter of Intent (LoI). SECI will sell the power to Uttar Pradesh Power Corporation Limited (UPPCL).
As reported previously by Mercom, ACME Solar Holdings won another auction conducted by SECI to develop 50 MW Gujrai Solar Park. It has quoted a tariff of ₹3.38 (~$0.0502)/kWh to win the auction. There were two other bidders – Ayana Renewables and Avaada Power.
ACME’s quoted tariff for the 75 MW auction is ₹0.06 (~$0.00089) lower than the tariff (₹3.38/kWh) it quoted in the other SECI auction for 50 MW of solar projects.
This capacity auctioned was part of a larger tender to develop 275 MW of grid-connected solar PV parks across Uttar Pradesh.
With this project, ACME Solar Holding has won 125 MW from a total of 275 MW being auctioned across Uttar Pradesh by the government under National Solar Mission (NSM) Phase-II Batch-IV.
In May 2018, ACME Solar Holdings also won the bid to develop 250 MW of grid-connected solar PV projects in the auction held by Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the development of 1 GW of grid-connected solar in Maharashtra.
Over 10 GW of solar photovoltaic (PV) capacity was tendered in May 2018, while over 2 GWs were auctioned in India, according to Mercom’s India Solar Tender Tracker.