In the 1,500 MW Tamil Nadu Generation and Distribution Corporation (TANGEDCO) tender, Raasi Green Earth Energy won the bid to develop 100 MW of solar by quoting Rs.3.47 (~$0.05364)/unit. This is the lowest solar tariff ever quoted in the state of Tamil Nadu.
“The tariffs quoted ranged between a high of Rs.4 (~$0.06184)/unit and a low of Rs.3.47 (~$0.05364)/unit. Sai Jyothi Infrastructure Ventures Private Limited quoted Rs.3.60 (~$0.05565)/unit to develop 54 MW;Solitaire BTN Solar Private Limited quoted Rs.3.69 (~$0.05705)/unit to develop 150 MW; and Narbheram Vishram and NVR Energy Private Limited quoted Rs.3.85 (~$0.05952)/unit to develop 100 MW each,” stated a TANGEDCO official.
The TANGEDCO official further stated, “Rays Power Infra quoted Rs.3.85 (~$0.05952)/unit to develop 200 MW; Dynamite Solar Private Limited quoted Rs.3.87 (~$0.05983)/unit for 5 MW; ReNew Solar Energy Rajasthan Limited quoted Rs.3.89 (~$0.06014)/unit to develop 100 MW; and Clean Solar Power Ludhiana Private Limited quoted Rs.3.90 (~$0.06029)/unit for 104 MW.”
The TANGEDCO official added that a lot of small players participated in the tender. Sri Green and Clean Power quoted Rs.3.90 (~$0.06029)/unit for 6 MW; Sunlight quoted Rs.3.90 (~$0.06029)/unit for 1 MW; Talettutayi Solar quoted Rs.3.90 (~$0.06029)/unit for 50 MW; and Dev International quoted Rs.3.95 (~0.06107)/unit to develop 1 MW.
Three developers quoted a tariff of Rs.3.96 (~$0.06122)/unit to develop 10 MW each and Shapoorji Pallonji also quoted Rs.3.96 (~$0.06122)/unit to develop 50 MW. NLC India, which had bid for the entire capacity tendered, quoted Rs.3.97 (~$0.06137)/unit.
The TANGEDCO official said, “We are happy with the tariffs quoted, we knew due to GST rate implementation we would not get a Bhadla tariff rate of Rs.2.44 (~$0.03772)/unit. Even Rs.3.47 (~$0.05364)/unit is revolutionary for Tamil Nadu.”
VSR Solar Power and GRT Jewellers India were other bidders who bid below Rs.4 (~$0.06184)/unit; they bid Rs.3.98 (~$0.06153)/unit and Rs.3.99 (~$0.06168)/unit, respectively.
Mercom previously reported that TANGEDCO received technical bids aggregating 3,700 MW in response to the 1,500 MW solar tender issued in May 2017.
Raj Prabhu is a recognized thought leader in clean energy markets where his work has influenced policies worldwide. He has a deep understanding of regulatory policy and clean energy markets and his market and opinion pieces are regularly published on both MercomIndia.com and other leading publications globally. Raj is also a regular speaker and presenter on clean energy policy and finance topics at conferences worldwide. Raj attended the KLE College of Science in Bangalore, India for physics and chemistry, and holds a Bachelor of Science Degree in Hotel and Institutional Management from Johnson and Wales University, Rhode Island. More articles from Raj Prabhu.