The Indian Renewable Energy Development Agency (IREDA) has floated a tender for the setting up of 5 GW of grid-connected solar power projects in India (Tranche III) under the Central Public Sector Undertaking (CPSU) program (Phase II).
The last date to submit the bids is March 04, 2021. Bids will be opened on March 08th. The pre-bid meeting will take place on February 18th.
Bidders will have to pay an amount of ₹400,000 (~$5,467) as the earnest money deposit (EMD).
In April last year, the Ministry of New and Renewable Energy (MNRE) issued amendments regarding the setting up of 12 GW of solar projects with Viability Gap funding Support (VGF) by CPSUs for self-use or use by government entities.
The program aims to provide the necessary policy framework for selecting and implementing 12 GW or more of grid-connected solar PV projects with VGF by government producers such as public sector undertakings. The total project cost of the 12 GW solar projects under this program is estimated to be ₹480 billion (~$6.33 billion). As per the amendment, IREDA was made the implementing agency on behalf of the MNRE, including conducting the bidding through the VGF route.
Earlier, the Solar Energy Corporation of India (SECI) conducted the auction for 1.5 GW of solar projects under the second phase of the CPSU program (Tranche-II). The projects were allocated through the VGF route. Out of the 1.5 GW capacity, 1,104 MW was auctioned. The tender was undersubscribed, receiving financial bids only for 1,381 MW.
Capacities were awarded to Singareni Collieries Company Limited (81 MW), which quoted the lowest VGF amount of ₹6.8 million ($95,492)/MW and Indore Municipal Corporation (100 MW) quoted ~₹6.9 million (~$96,616)/MW. NTPC, which quoted the highest VGF of ₹7 million ($98,301), won 923 MW out of 1,104 MW it had bid.
Previously, Mercom reported that SECI had conducted the auction for its tender for setting up 2 GW of grid-connected solar projects (Tranche-I) under the second phase of the CPSU. The projects were allocated through the VGF route.
Capacities were awarded to NHDC (25 MW), which quoted the lowest VGF amount of ₹5.5 million ($77,793)/MW, Singareni Collieries (90 MW) quoted ₹6 million ($84,866)/MW, Assam Power Distribution Company Limited (30 MW) with ₹6.8 million ($96,181)/MW, Delhi Metro Rail Corporation (3 MW) with ₹6.975 million ($98,656)/MW. Nalanda University (5 MW) quoted ₹6.99 million ($98,947)/MW, and NTPC (769.4 MW) quoted the highest VGF of ₹7 million ($99,010)/MW which also happened to be the maximum permissible limit.
Rakesh is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). More articles from Rakesh Ranjan.