ReNew Solar Power has secured the rights to develop 400MW of clean power projects in India that will be the first to deliver ’round-the-clock’ electricity.
The auction carried out by Solar Energy Corporation of India, for the Ministry of New and Renewable Energy, was won with a price of Rs2900 a megawatt-hour (€35/MWh).
Prices will increase by 3% a year for the first 15 years of the 25-year deals, meaning the effective tariff amounts to Rs3590/MWh.
Four bidders were involved in the auction submitting bids totalling 950MW, the ministry said.
The unsuccessful companies were Greenko Energies, HES Infra and Ayana Renewable Power.
NDMC and Daman & Diu and Dadra & Nagar Haveli will each receive 200MW of the electricity produced by the projects.
The projects could be wind and/or solar combined with energy storage.