Shapoorji Pallonji wins SECI’s 50 MW Floating Solar Auction at Rs.3.29/kWh

Shapoorji Pallonji has announced that it has won the bid to develop 50 MW of floating solar project in Uttar Pradesh. The 50 MW project is part of the tender that was floated by the Solar Energy Corporation of India (SECI) for 150 MW (50 MW x 3) of grid connected floating solar power projects at Rihand Dam (also known as Govind Ballabh Pant Sagar Reservoir), located in Sonbhadra district of Uttar Pradesh. The projects were tendered by SECI in March 2018.

SECI official said that, “The price discovered in the auction is Rs. 3.29 ($0.046)/kWh. The auction for the remaining 100 MW capacity for package A and package C will be intimated separately.”

SECI had fixed Rs. 3.32 ($0.047)/kWh as the upper tariff ceiling for this tender. The successful developers will enter 25-year power sale agreements with Uttar Pradesh Power Corporation Limited (UPPCL). In the tender, SECI had also specified that a single bidder can bid for a minimum 50 MW and a maximum 150 MW.

“We made some amendments in the main tender document. The earlier RfS has been revised due to high tariffs. The developers quoted higher tariff as UPPCL did not have a good credit rating. Now, to address this, SECI will be the intermediary procurer and UPPCL will sign a Power Sale Agreement (PPA) with SECI”, SECI official asserted.