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SECI, a CPSU, conducts e-Reverse Auction for the 400 MW RE projects with RTC supply Results in historic first year tariff of Rs. 2.90/kWh Indian Renewable Energy (RE) sector has witnessed history today, as the e-Reverse Auction(e-RA) for 400 MW RE(Renewable Energy) Projects with Round the Clock (RTC) supply, was concluded at an astounding first year tariff of Rs.2.90/kWh. The bidding was conducted by Solar Energy Corporation of India Ltd., a Central PSU under Ministry of New and Renewable Energy. The capacity of 400 MW has been awarded to M/s ReNew Solar Power Pvt. Ltd. after a closely fought auction which saw the lowest tariff drop by 69 paise over the course of almost 3 hours. Complementing SECI for this effort Shri R. K. Singh, the Union Minister of State (IC), Power and New & Renewable Energy & Minister of State, Skill Development and Entrepreneurship, said in a tweet last evening, “Golden chapter added in Indian Renewable Energy story, as e-RA for 400 MW RE Projects with Round the Clock (RTC) supply conducted by SECI Ltd results in historic 1st year tariff of Rs.2.90/kWh. MNRE makes a new beginning towards firm, schedulable & affordable RTC supply through 100% RE power.” The tender for 400 MW capacity had received a strong participation, with 4 bidders submitting their bids for a total capacity of 950 MW. 3 out of the 4 bidders, namely M/s ReNew Solar Power Pvt. Ltd., M/s Greenko Energies Pvt. Ltd and M/ HES Infra Pvt Ltd. were finally shortlisted for the e-Reverse Auction. M/s Ayana Renewable Power Pvt. Ltd. was the fourth bidder. Power from this project is targeted to be sold to the NDMC and Daman & Diu and Dadra & Nagar Haveli, with each entity off taking a capacity of 200 MW. There was no ceiling tariff for the Projects, and the developers are free to set up the project on a Pan-India basis. The projects under this tender will be set up under the Build-Own-Operate model. What makes the tariff a historic one, is the fact that this tender provides for a Round the Clock energy supply from 100% RE based energy generation sources, such as wind and solar PV, combined with storage. The developer will be provided a maximum time period of 24 months from the Effective Date of PPA. The first year tariff shall be escalated @3% on an annual basis, up to the 15th year of the 25-year Term of the PPA. As a result, the effective tariff for the said Project amounts to Rs.3.59/kWh. Compared to the tariffs witnessed in conventional sources of generation, this tariff offers a much better proposition for the Disocms to meet their energy demand through 100% RE supply. As per the bid conditions, the developer is mandated to fulfil an annual minimum CUF( Capacity Utilisation Factor) requirement of 80%, and a monthly CUF requirement of 70%. Failure to achieve the above requirements in terms of the PPA, would result in removal of tariff escalation in the subsequent year(s), until the above requirements are achieved in a particular year. In terms of the above requirements, the tender therefore achieves a major milestone towards the MNRE's and SECI's efforts in realizing a firm, assured schedulable RE power supply model, which may inevitably, replace a conventional project, at a more viable tariff.
New installation this calendar year will reach nearly 14 gigawatts (GW), which is about 50% more than the capacity added last year, according to the sources.
Various Advantages of Solar Energy There are many advantages that solar energy has to offer over traditional sources of energy like coal and oil. Not only it is completely renewable but is also protects the environment. Here are some of the advantages of solar energy. It’s a renewable resource Solar energy is a renewable source of energy as it can be used to produce electricity as long as the sun exists. Sunshine occurs naturally. As long as we are alive, we are always going to see the sun, which means it is infinite. This energy can be harnessed by installing solar panels that can reduce our dependence on other countries for consistent supply of coal to produce electricity. This makes it an attractive energy prospect for most countries that are looking to go completely green in the future. Although solar energy can not be produced during night and cloudy days but it can be used again and again during day time. Solar energy from sun is consistent and constant power source and can be used to harness power even in remote locations. It’s eco-friendly If you are scavenging the internet in search of ways to minimize your carbon footprints, solar energy is the surefire answer. Solar energy will not only help you dial back on your carbon footprint, but also oversize your systems to ensure you live in a carbon-free house. Some states in the U.S. even allow individuals to invest in other people’s roofs to create a lot more solar energy. Solar energy is an alternative for fossil fuels as it is non-polluting, clean, reliable and renewable source of energy. It does not pollute the air by releasing harmful gases like carbon dioxide, nitrogen oxide or sulphur oxide. So, the risk of damage to the environment is reduced. Solar energy also does not require any fuel to produce electricity and thus avoids the problem of transportation of fuel or storage of radioactive waste. Cuts back on electricity bill One of the most interesting things about solar energy is that it can help you minimize your annoying utility bills. You can accomplish this by installing solar panels in your home. Solar energy takes up energy consuming activities like heating water and heating homes. Solar energy has the potential to save you up to 20% of your energy costs, even after financing costs are factored in. And with the ever rocketing of electricity costs, you could save up to $60, 000 in the next 30 years. Can enhance the value of a home If you are looking to sell your home in the future, suffice to know that installation of solar technologies can significantly increase its value. This especially manifests in areas where buyers are more likely to buy a home installed with solar panels like high populated cities where environmental degradation is taken seriously by the authorities. According to research findings, solar panels can add up to $20, 000 to the value of a house. This figure represents the amount required to install a solar panel, which means you will be able to recoup your money when you sell the property. That represents a bright investment in your property. Requires little maintenance The cost of installing a solar panel can be high. But once it’s up and running, you will enjoy the benefits for many years, while injecting just a small amount for its maintenance. If your energy needs change and you desire to add more panels, it would be a lot easier. Initial cost that is incurred once can be recovered in the long run that range from 10 years – 15 years. Apart from this, solar panels does not create any noise or release any toxic substances. Easy Installation Solar panels are easy to install and does not require any wires, cords or power sources. Unlike wind and geothermal power stations which require them to be tied with drilling machines, solar panels does not require them and can be installed on the rooftops which means no new space is needed and each home or business user can generate their own electricity. Moreover, they can be installed in distributed fashion which means no large scale installations are needed.
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