Avaada, Essar, Juniper, Serentica and Hexa Win NHPC’s 1.2 GW FDRE Auction
Essar Renewables, Juniper Green Energy, Serentica Renewables, Hexa Climate Solutions, and Avaada Energy have won NHPC’s auction to supply 1200 MW of firm and dispatchable power from ISTS-connected renewable projects with energy storage (Tranche II).
September 13, 2024. By Mrinmoy Dey
Essar Renewables, Juniper Green Energy and Serentica Renewables have been awarded 300 MW, 200 MW and 150 MW each, respectively, at a tariff of INR 4.37/kWh.
Hexa Climate Solutions bagged 80 MW at a tariff of INR 4.38/kWh. And, Avaada Energy has been awarded 470 MW (out of the quoted capacity of 600 MW) at a tariff of INR 4.38/kWh under the bucket-filling method.
Now, NHPC will sign 25-year Power Purchase Agreements (PPAs) with these selected bidders from the scheduled commissioning date of their renewable energy projects. NHPC will buy the generated power and sell it to state utilities or other beneficiaries.
The tender for this was issued in March this year. And, as per the terms of the tender, developers must identify and secure their own land, with a minimum project size of 50 MW, and capacity increments in multiples of 10 MW. The total capacity offered in the tender was capped at 600 MW. For projects in the North Eastern states and special categories, the minimum capacity was 30 MW.
Further, developers are responsible for setting up their projects, including building the transmission network to the interconnection point and obtaining all necessary approvals and permits. Projects already commissioned or under construction with untied capacity were also eligible for this bid.
The tender also specified that if a project is transferred or sold after a one-year lock-in period from the commercial operation date, NHPC reserves the right to enforce the PPA with the new owner, who must comply with all terms.
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