Ayana Power, NTPC Limited, Azure Power and NLC, emerged as the lowest bidders in Solar Energy Corporation of India’s (SECI) 1,200 MW bid solar-wind hybrid project.
NTPC and Ayana won 450 MW each, while Azure won 150 MW at Rs 2.34 each. Azure won another 300 MW at Rs 2.35, and NLC won 150 MW at Rs 2.34.
The latest tariff of Rs 2.34 per unit is much lower than the Rs 2.41 tariff which was quoted by the developers in the last auction of hybrid power held in 2020 December.
Renewable energy developers have to take into account the basic customs duty (BCD) for all bids henceforth, which was expected to yield tariffs of 2.40 and above, mentioned the developers to ET.
Most of the bids were by ReNew Power, Hero Future Energies, Adani Green, and AMP Energy, Avaada, Torrent, and Tata Power which fell short of the winning bids. These companies were anticipating higher borrowing costs and a hike in import prices of solar equipment due to the basic customs duty (BCD).
“To us, these tariffs seem unsustainable. We’re really interested to see how the winning bids are commissioned,” an executive from a competing developer told ET.
The current tariff of Rs 2.34/kWh of SECI’s Hybrid 1200 MW T-4 project is with BCD and ALMM, whereas SECI Hybrid T-3, L1 tariff was 2.41/kWh without BCD and ALMM. The PSUs are doing their best to provide affordable green power to the country.