Help Desk -
9958816305, 9810335381

UPC Energy Group, Adani Green Energy, ReNew Power winners

Power News - Published on Mon, 25 Feb 2019

Image Source: The Economic Times
Economic Times reported that US based UPC Energy Group, Adani Green Energy, ReNew Power and Orange Renewables are among the winners in Gujarat’s 500 MW solar auction, which evoked aggressive bids, with the lowest offer of INR 2.55 per unit. A developer on condition of anonymity said that “The tariff appears to be pretty low, and more so for a 50 MW project because scale also plays a huge role. The low tariffs discovered so far have been for large-scale projects.”

Global clean energy firm UPC secured 50 MW at INR 2.55 per unit while Gujarat’s own public sector company, Gujarat State Electricity Corporation Ltd, and Adani Green Energy won 75 MW and 150 MW respectively at INR 2.67 per unit. Orange Renewable and ReNew Power won 120 MW and 105 MW at INR 2.67 and INR 2.68 in the auction conducted by discom, Gujarat Urja Vikas Vigam Ltd.

The tariffs discovered were comparable to the the previous auction of 500 MW of solar capacity held by GUVNL in September last year, which had seen a winning tariff at INR 2.44 per unit. The source said that “But that was also too low and, more importantly, banks are not lending at these low tariffs.”

GUVNL cancelled the results of a 700 MW solar auction it held in December because it felt the winning tariffs were too high at INR 2.84 per unit. But industry experts at the time attributed the higher tariff to the condition set by the state that projects should be located at a solar park unlike the auction held on Tuesday. Solar park charges are usually high. The source said that “Even then the tariff plunge is too steep given that nothing has changed between December and now.”

Source :

Posted By : Rabi Wangkhem on Mon, 25 Feb 2019
Related News from Power segment