Major Indian PV developer Adani Green Energy has won 700MW of solar-wind hybrid capacity from the utility Adani Electricity Mumbai Limited (AEML) to be built in the western state of Maharashtra, according to a Bombay Stock Exchange filing.
Earlier in January, state electricity regulator Maharashtra Electricity Regulatory Commission (MERC) said that Adani's initial winning bid of INR3.35 (US$0.047)/kWh was too high and it allowed AEML to renegotiate the tariff and reduce it to INR3.24 (US$0.045)/kWh under a 25-year power purchase agreement (PPA).
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Vinay Rustagi, managing director of consultancy firm Bridge to India told PV Tech: “This was a unique tender with very high minimum CUF (50%), designed to overcome specific transmission and power demand profile constraints of the [utility]. The wind portion is much higher in this project as a result and hence, the tariffs are not directly comparable to SECI’s hybrid tenders.”
The tender was originally for 350MW of capacity, but with a green-shoe option of adding an extra 350MW. AEML has now also received approval for the award of the full 700MW from MERC.
The capacity, which was won by Adani Green Energy's subsidiary Rosepetal Solar Energy (RSEPL), is also expected to be commissioned by the second quarter of the fiscal year 2022.
AEML caters to the electricity needs of over 2.9 million customers in Suburban Mumbai.
Adani Green Energy now has a total portfolio of 5.99GWac in renewable energy projects in India of which 2.49GWac are under development and 2.5GWac are operational.
Earlier this month, Adani Green Energy and another local developer Azure Power both won the manufacturing-linked solar tender floated by the Solar Energy Corporation of India (SECI) for 7GW of solar capacity. Both companies won bids to develop 2GW of PV projects with tariffs of INR2.2 (US$0.04)/kWh with 500MW of manufacturing capacity.
SECI also issued a tender for 1.2GW of wind and solar hybrid capacity this month as well as floating PV and storage capacity in North Andaman. India released new draft guidelines for the bidding process under its Wind-Solar Hybrid Policy last October.
Updated to include comment from Bridge to India.