Avaada Energy and O2 Power were declared winners of the Rewa Ultra Mega Solar Limited (RUMSL) auction for 550 MW of solar projects at the Agar Solar Park in Madhya Pradesh.
Unit 1 Agar has a capacity of 200 MW, and Unit 2 Susner has a capacity of 350 MW.
Avaada Energy was awarded 200 MW at a price of Rs 2.459 per kWh, while O2 Power was awarded 350 MW at Rs 2.444 per kWh.
The Solar Energy Corporation of India and Madhya Pradesh Urja Vikas Nigam Limited have collaborated to form RUMSL.
The Basic Customs Duty (BCD) has been factored into the bid, according to one of the developers.
To comply with the Approved List of Models and Manufacturers (ALMM) order, the company plans to import solar cells and assemble them in India. With this strategy, the BCD will now be 25%.
With land and evacuation infrastructure already in place, the RUMSL tender carries few risks. The counterparty also has a high credit rating.
The tender was then reissued by RUMSL in January of last year. The first tender for the 450 MW of grid-connected solar PV projects at Shajapur Solar Park was issued.
The second tender sought 550 MW of solar projects at the Agar Solar Park, and the third sought 500 MW of solar projects at the Neemuch Solar Park. The tender was later extended several times for bid submission deadlines.
The entire 1,500 MW capacity will be funded by the World Bank.
RUMSL had requested proposals from interested consultants for the establishment of solar parks in Madhya Pradesh in January 2020.
The International Bank for Reconstruction and Development will provide technical assistance to the Indian Renewable Energy Development Agency.
The solar parks proposed are divided into four clusters: Sagar, Damoh, and Chhattarpur in cluster 1, Morena in cluster 2, Ratlam, Neemuch, and Mandsaur in cluster 3, and Rewa and Satna in cluster 4.
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