Adani Green Energy ltd (AGEL) won five mega solar power projects of 600 megawatt (Mw) each in the bidding held by Andhra Pradesh Green Energy Corporation Ltd (APGEC) for awarding 6.4 Gw of ultra mega solar projects.
State-owned NTPC ltd won 600 Mw in the auction quoting the lowest tariff of Rs 2.48 per kWh (unit).
The lowest tariff discovered in the whole auction process was Rs 2.47 per unit by Torrent Power for a 300 MW solar project.
AGEL quoted tariff in the range of Rs 2.49-2.58 per unit for the five projects, winning half the capacity offered by the state.
The solar plants are planned to be built in the districts of Kurnool, Ananthapuramu, Prakasam and Kadapa.
The final award of the projects is subject to the outcome of a writ petition filed in the High court of Andhra Pradesh.
In January, the High Court stopped the state from awarding the 6.4 Gw tender. The case was filed by Tata Power Renewable Energy, to quash the requests for selection (RfS) and draft power purchase agreements (PPAs) issued by APGECL.
The company has alleged that the terms of RfS and PPA are in contradiction to the Electricity Act, 2003.
Industry sources said the PPA by APGECL mentions that any dispute regarding the project would be settled by the state government, as against the norm of moving the State or Central Electricity Regulator.
The tender received significant investor interest despite the State government cancelling all prior renewable energy contracts in 2019, citing high tariff and malafide intensions. Close to 24 companies submitted initial bids for the tender.