In its first bulk tender of solar power projects of 1200 MW, Jharkhand received interest from domestic solar companies. Sumant Sinha-promoted ReNew Power led the pack by winning 522 MW. Wind major Suzlon Energy followed closely with 175 MW.
The tariff ranged from Rs 5.08 per unit to 5.48/unit for above 25 MW projects and Rs 5.29 to 7.95per unit for sub-25 MW projects. The projects, when commissioned, would support 90% of state’s peak consumption.
Jharkhand issued tender to allocate 1200 MW of solar power projects to private developers in December 2015. This is one of the largest bulk tenders by the state. Earlier, Telangana issued 2000 MW and Karnataka 1200 MW bulk solar tenders.
“Jharkhand is emerging as an investment opportunity in terms of overall business environment and ease of doing business,” said Sumant Sinha, CEO, ReNew Power. On the tariff range he said the company is yet to receive official confirmation said Rs 5.25 and above are expected tariffs.
“Most states have received Rs 4.75 per unit and above as the lowest bid. Any lower tariffs have been aberrations. Also, it depends on many variables depending on the plant location, size and investment,” said Sinha.
Among other winners were Adani Power with 50 MW and Acme with 75 MW. US major SunEdison won 150 MW. Madhav Infra quoted lowest tariff of Rs 5.29 per unit.
Bridge to India, a renewable energy investment tracking agency said earlier, “In view of Jharkhand’s higher risk profile and availability of several other project development opportunities in the market, we believe that bids under this tender may not be as competitive.”