The Karnataka Renewable Energy Development Limited (KREDL) has auctioned 760 MW of grid-connected solar photovoltaic (PV) projects to be developed across 38 taluks in the state.
While the lower limit of the quoted tariff in the auction was ₹2.94 (~$0.045)/kWh, the highest quoted tariff stood at ₹3.54 (~$0.056)/kWh. The KREDL had specified the benchmark tariff for the auction to be ₹3.57 (~$0.056)/kWh.
The projects are to be developed across 43 taluks in Karnataka, out of which the winners for 38 taluks have been announced as of now.
An official at the KREDL told Mercom, “The winners have been finalized for 760 MW and the remaining 100 MW winners will be announced soon.”
According to Mercom’s industry sources, bids were not submitted for five taluks of the state. These taluks are: Mundargi, Gajendragad, Gurmitkal, Maski and Kuragodu.
A total of 11 winners emerged in the auction. Here is the list of the winners:
Shapoorji Pallonji emerged as one of the biggest winners in this auction, by winning the bid to develop 185 MW. The tariffs quoted by Shapoorji Pallonji ranged between ₹2.94 (~$0.045)/kWh and ₹3.03 (~$0.048)/kWh.
ACME Solar won the bid to develop 106 MW by quoting tariffs in the range of ₹2.94 (~$0.045)/kWh and ₹3.15 (~$0.05)/kWh.
Asian Fab Tec won the bid to develop 85 MW by quoting in the range of ₹3.24(~$0.05)/kWh and ₹3.34 (~$0.052)/kWh.
Emmvee won the bid to develop 80 MW by quoting in the range of ₹3.52 (~$0.056)/kWh to ₹3.54 (~$0.056)/kWh.
ReNew Power won the bid to develop 99 MW by quoting in the range of ₹3.15 (~$0.05)/kWh to ₹3.28 (~$0.05)/kWh.
Greenko won the bid to develop 45 MW by quoting in the range of ₹3.30 (~$0.051)/kWh to ₹3.36 (~$0.052)/kWh.
TEP Rooftop Solar won the bid to develop 55 MW by quoting in the range of ₹3.04 (~$0.047)/kWh to ₹3.07 (~$0.048)/kWh.
Ekialde Solar won the bid to develop 35 MW by quoting in the range of ₹3.15 (~$0.05)/kWh and ₹3.19 (~$0.05)/kWh.
Rays Power Infra won the bid to develop 30 MW by quoting in the range of ₹3.16 (~$0.05)/kWh and ₹3.20 (~$0.05)/kWh.
Max Planck Solar won the bid to develop 20 MW by quoting in the range of ₹3.12 (~$0.048)/kWh and ₹3.31 (~$0.051)/kWh.
Svarog Global won bid to develop 20 MW by quoting ₹3.54 (~$0.06)/kWh.
Two bidders in the auction quoted a high price of ₹3.54 (~$0.06)/kWh and won the bids. The capacity was tendered in the month of December 2017 and the auction for 760 MW has concluded in the first week of February 2018. This timeliness on part of the KREDL is reflective of its serious commitment to the expansion of solar in the state of Karnataka.
Mercom had previously reported that the KREDL aims to make Karnataka a model state for the development of solar so that an increasing number of investors are attracted to develop their projects across the length and breadth of Karnataka.
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.