ACME, ReNew Win MSEDCL’s 500 MW Solar Auction

Two major Indian solar energy companies, ACME Solar Holdings and ReNew Solar Power has emerged as the lowest bidders in the state-owned Maharashtra State Electricity Distribution Company Limited’s (MSEDCL) 500 MW solar photovoltaic (PV) projects auction, by quoting a tariff of Rs 2.42/kWh and Rs 2.43/kWh respectively.

Under MSEDCL auction, ACME Solar Holdings won 300 MW of capacity at a tariff of Rs 2.42/kWh, while ReNew Solar Power won 200 MW of capacity at a tariff of Rs 2.43/kWh.

By receiving overwhelming response from bidders, the tender was oversubscribed by 3,565 MW, and other bidders who applied for the tender includes – TP Saurya, Avaada Energy, NTPC, Power Mech Projects, Torrent Power, Azure, Maharashtra State Power Generation Co, Cyclic Energy Power, and Maharashtra State Road Development Corporation.

As per the tender, state discom MSEDCL will procure the clean energy generated from the solar projects under a 25-year power purchase agreement (PPA).

In May this year, TP Saurya Ltd, the renewable energy arm of Tata Power, had emerged as the lowest bidder in the e-reverse auction of state-owned Maharashtra State Power Generation Co Ltd (MAHAGENCO), by quoting a tariff of Rs 2.51/kWh.

As per Mahagenco, TP Saurya Ltd emerged as the L1 bidder by quoting a tariff of Rs 2.51/kWh, while Satlaj Jal Vidyut Nigam Ltd (SJVNL) and NTPC Renewable Energy Ltd remained the L2 and L3 bidders with a quoted tariff of Rs 2.53/kWh and Rs 2.82/kWh respectively.

In January this year, MAHAGENCO had issued an e-reverse auction notification with a tariff cap of Rs 2.83/kWh to set up 250 MW solar PV capacity at Dondaicha Solar Park in Dhule district of Maharashtra.

In this regard, it had issued a request for proposal (RFP) for the selection of solar power developers (SPD).

25-year power purchase agreement (PPA), MAHAGENCO will procure the power generated from the solar projects, and will sell to MSEDCL.

Besides, the successful bidder will have to build the capacity won within 15 months from the effective date of the PPA.