SECI Awards 1.2 GW Solar Projects

18 Jul 2024 CW Team

In a significant move for India's renewable energy landscape, the Solar Energy Corporation of India (SECI) has awarded several major players with contracts to set up 1,200 MW of solar power projects coupled with 600 MW/1,200 MWh of energy storage systems (ESS). The auction, conducted under SECI's Tranche XV, saw the participation of prominent industry names such as Pace Digitek, Hero Solar Energy, ACME Solar Holdings, and JSW Neo Energy.

Pace Digitek emerged as the winner for a 100 MW solar project at a tariff of ?3.41 ($0.0408)/kWh. Hero Solar Energy and ACME Solar Holdings secured 250 MW and 350 MW, respectively, at a tariff of ?3.42 ($0.0410)/kWh. JSW Neo Energy, a subsidiary of JSW Energy, won 500 MW out of their quoted capacity of 600 MW at a tariff of ?3.42 (~$0.0410)/kWh.

The successful bidders must set up the ISTS-connected solar power projects with energy storage systems, including the necessary transmission network, within 24 months of the effective PPA signing date. They will be responsible for obtaining all the required approvals, permits, and clearances for the projects and associated infrastructure.

The projects must maintain a minimum annual Capacity Utilization Factor (CUF) of 17%, with a permissible deviation of +10% and -15% of the declared value until the end of the first ten years of operation.

This landmark auction underscores India's ongoing commitment to accelerating its renewable energy transition and the integration of energy storage technologies to enhance grid stability and reliability. The successful bidders will play a crucial role in supporting India's ambitious goal of achieving 500 GW of non-fossil fuel-based energy capacity by 2030.

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