India allocates 480 MW renewables-plus-storage at $0.068/kWh

Solar Energy Corp of India has allocated 480 MW under its 1.5 GW renewables-plus-storage tender, at an average price of $0.068/kWh.

Hero Future Energies bid for 120 MW and won the capacity by quoting the lowest tariff of INR 5.59 ($0.067)/kWh. JSW Energy secured 180 MW, Serentica Renewables 100 MW and ReNew 80 MW at INR 5.6/kWh each.

The winning developers will set up renewable energy projects backed with energy storage system to supply firm and dispatchable renewable energy in a demand-following manner. The projects can be located anywhere in India and must connect to the interstate transmission grid.

The projects are to be developed on a build-own-operate (BOO) basis.

SECI will sign a 25-year power purchase agreement (PPA) with the successful bidders. Power procured by SECI from these projects has been provisioned to be sold to Punjab State Power Corp. Ltd and Madhya Pradesh Power Management Co. Ltd.