NTPC REL Wins 1 GW at INR 2.56/kWh in UPPCL’s 2 GW Solar Auction
NTPC Renewable Energy Ltd. (NTPC REL) has secured 1,000 MW at a tariff of INR 2.56/kWh in Uttar Pradesh Power Corporation’s (UPPCL) auction for 2,000 MW of ISTS-connected solar PV power projects.
January 06, 2025. By Mrinmoy Dey
NTPC Renewable Energy Ltd. (NTPC REL), a wholly-owned subsidiary of NTPC Green Energy Ltd. (NGEL), has emerged as a successful bidder in the e-reverse auction conducted on January 3, 2025. It has won 1,000 MW.
“NTPC REL secured a capacity of 1,000 MW at an impressive tariff of INR 2.56/kWh. The letter of award (LOA) from UPPCL is awaited,” the company informed in a regulatory filing.
The tender for this was released in February 2024.
The project is expected to be developed on the build-own-operate and maintain (BOOM) model and a long term power purchase procurement (PPA) agreement for 25 years will be signed.
As per the terms of the tender, the developer can avail themselves of financial incentives, including accelerated depreciation, preferential customs and excise duties, tax holidays, and other benefits applicable to such projects. Solar projects proposed for development in Uttar Pradesh will also qualify for incentives under the Uttar Pradesh Solar Policy 2022.
The tender allowed bidders, including their parent, affiliate, ultimate parent, or any group company, to submit a single bid for a contracted capacity ranging from 50 MW to 1,000 MW.
It also offered the bidders the flexibility to select project locations at their own cost, risk, and responsibility. The total capacity can be set up at a single site or distributed across multiple "blocks" at various locations, as per the bidder’s or solar power developer’s requirements.
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