Three companies earned 1.2 GW from solar-wind hybrid projects at a rate of ₹ 2.41 (~ $ 0.0326) / kWh, the lowest ever for hybrid solar-wind projects, according to Mercom sources.
The fee was discovered in the Solar Power Corporation of India (SECI) auction to establish 1.2 GW of hybrid wind-solar power projects connected to interstate transmission under the Tranche III of the interstate transmission program ( ISTS).
ABC Renewable Energy, a subsidiary of Axis Energy, was awarded 380 MW of projects, Adani Renewable Energy Holding Eight Limited was awarded 600 MW and AMP Energy was awarded 130 MW for ₹ 2.41 (0.0326) / kWh. ACME Solar traded ₹ 2.42 (~ $ 0.0327) / kWh for 300 MW of projects, but only received 90 MW under the bucket fill method.
Background:
In December, Mercom had reported on the announcement of tender for 1,200 MW of hybrid wind-solar projects issued under the Tranche III of the ISTS program.
Detailed documents for the hybrid tender were released in January.
Successful bidders must establish wind-solar hybrid power projects in India on a build-own-operate (BOO) basis and sell the hybrid power to SECI. Projects are required to be designed for interconnection with the Central Transmission Utility (CTU) transmission grid at a voltage level of 220 kV or higher. The developer will take responsibility for obtaining ISTS connectivity and long-term access.
The SECI also said that the nominal installed capacity of the project of one of the components of the hybrid project, whether wind or solar, should be 25% of the capacity of the other. The tender also called for a minimum capacity utilization factor of 30%.
The solar component of the project can be subdivided into blocks installed in multiple locations. However, such projects must be located within the same state and the minimum voltage level for a single block must be 33 kV.
According to Mercom’s India Solar Tender Tracker, SECI has tendered a total of 4.9 GW of hybrid solar wind projects under the ISTS program (Tranche I to Tranche III) and auctioned 1.56 GW in Tranches I and II.
In the country’s first hybrid solar-wind auction in December 2018, SECI had uncovered the previous lowest L1 rate of ₹ 2.67 (~ $ 0.0361) / kWh quoted by SB Energy to develop 450 MW of projects. AGEL traded ₹ 2.69 (~ $ 0.0364) / kWh to develop 390 MW of projects.
In 2019, Adani Green Energy emerged as the L1 bidder in SECI’s auction for 1.2 GW of hybrid solar-wind energy projects connected to ISTS under Tranche-II. Adani Green Energy Limited Energy quoted a rate of ₹ 2.69 (~ $ 0.0364) / kWh to establish 600 MW of hybrid solar and wind power projects.
Nithin is a staff reporter for Mercom India. Previously on Reuters News, he has covered the markets for oil, metals and agricultural commodities in world markets. It has also covered refinery and pipeline explosions, oil and gas leaks, hurricane developments in the Atlantic region, and other natural disasters. Nithin holds a Master of Applied Economics from Christ University, Bangalore and a Bachelor of Commerce from Loyola College, Chennai. More articles from Nithin.