Devona Power Systems, a subsidiary of Indian conglomerate RattanIndia Power, has been awarded a 50MW PV project in Allahabad in the Indian state of Andhra Pradesh by the Solar Energy Corporation of India (SECI).
In a reverse auction process under India’s National Solar Mission, the project was won with a set tariff INR4.43/kWh (US$0.066) alongside viability gap funding (VGF) of INR7.499 million/MW. VGF is a funding mechanism provided by the government of India.
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The next closest bidders were Solairedirect Energy India, which bid for a VGF of INR7.5/MW and Indian developer Azure Power, which bid for INR9.52/MW under VGF.
Jasmeet Khurana, associate director, consulting at consultancy firm Bridge to India, told PV Tech: “In IRR terms, this bid is just as aggressive as the other SECI bids that we have seen over the past couple of months. It seems that there is still a lot of appetite left to pick up projects at such competitive levels.”
In February it emerged that RattanIndia Power is planning to use a 324 hectare site in Punjab, which was originally pegged for a thermal power plant, to build a 200MW solar PV project.
The firm has also won 40MW, awarded by SECI, in the state of Maharashtra with a VGF of INR4.9 million.
This article has been revised to say the project is located in Uttar Pradesh.