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Torrent, ReNew, O2 Power, NTPC, ACME, and TPREL Secure 750 MW in REMC Auction

Torrent Power emerged as the frontrunner, clinching 100 MW with the most competitive bid at INR 4.25/kWh.

January 31, 2024. By Abha Rustagi

REMC Limited has announced the winners of its auction to provide 750 MW of round-the-clock (RTC) power from grid-connected renewable projects.

The auction, initiated in October 2023, witnessed industry giants, including Torrent Power, ReNew Solar Power, TEQ Green Power XIII (02 Power), NTPC Renewable Energy, ACME Cleantech Solutions, and Tata Power Renewable, securing contracts for 25 years.

Torrent Power emerged as the frontrunner, clinching 100 MW with the most competitive bid at INR 4.25/kWh. Following closely, ReNew Solar Power, TEQ Green Power, NTPC Renewable Energy, and ACME Cleantech Solutions secured 200 MW, 100 MW, 200 MW, and 100 MW, respectively, with quoted tariffs of INR 4.37/kWh. Tata Power Renewable secured 50 MW with a quoted tariff of INR 4.43/kWh.

The project specifications mandate an annual availability of 75 percent for the first four years, escalating to 85 percent for the remaining contract duration. A minimum project availability of 50 percent is imperative throughout the contract tenure on a time-block basis.

Crucially, the power supply, inclusive of energy from the storage system, is mandated to be sourced from renewable sources. The tariff, subject to mutual agreement by the involved parties, will be levelized each year based on a discounting factor of 7.7 percent.

Developers have the flexibility to integrate energy storage systems (ESS) either within the project or through separate linkage with a third party. Renewable generation components and ESS installations can be strategically located, either co-located or at separate sites. Furthermore, various components of RTC power, spanning solar, wind, hydro, and others, can be interconnected with the interstate transmission system (ISTS) network at different ISTS substations.

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NTPC Renewable Energy

ACME Cleantech Solutions

Tata Power Renewable Energy

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