Competitive appetite for Indian projects remains after RattanIndia bags 50MW Uttar Pradesh project

Developers are still winning to bid for projects with very competitive tenders. Flickr: Huneycuttaddison

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.

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.

Tags: india, uttar pradesh, seci, rattanindia