Torrent Power, in a stock exchange filing, said that it has won a 300-mw wind power project under a competitive bidding process conducted by Solar Energy Corporation of India (SECI).
Torrent Power noted that SECI has granted a letter of award for a 300-mw wind power project to be set up in Karnataka. SECI has also confirmed the power purchase agreement for the power generated from the upcoming wind power project.
The PPA is valid for a period of 25 years from the scheduled commercial operation date whereas the project is scheduled to commission within 24 months from the date of signing of the PPA.
Torrent Power is expected to invest Rs.2,600 crore in the upcoming wind power project that was clinched at the winning tariff of Rs.2.94 per kwh.
As of July 14, 2022, Torrent Power, in terms of renewable energy, had an operational portfolio of 1067.5 mw, coming from 804.5 mw of wind and 263 mw of solar.
Besides, an aggregate renewable energy capacity of 815 mw was under development coming from 415 mw of wind power (including the 300-mw SECI project under discussion) and 400 mw of solar power.
Also read: Adani Green Wins Wind Power Project In SECI Auction
e-RA might be discontinued
In an independent development, the Union ministry for new and renewable energy (MNRE) has proposed to do away with the e-reverse auction (e-RA) process whilst allotting renewable energy projects (mainly wind and solar) through the competitive bidding route. According to reliable media reports, MNRE is of the opinion that e-RA, which is conducted after the tariff-based bidding, is leading to unhealthy competition. This is because tariffs, after the e-RA fall to unreasonably low levels. If the e-RA process is discontinued, award of projects will take place after the competitive bidding phase.
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