KREDL has now approved 910MW of projects ahead of signing power purchase agreements. Credit: Tata
The Indian state of Karnataka has issued letters of approval (LOAs) for 910MW of solar projects that were allotted in its dispersed 1.2GW solar auction in March.
Karnataka Renewable Energy Development Limited (KREDL) has now approved 910MW of projects ahead of signing power purchase agreements (PPAs).
This is welcome news given that last year, developers in certain states complained of delays in PPA signing, for example in Telanagana, developers called an emergency meeting when several months after a major 2GW solar auction, LOA’s were allegedly still held up in the chief minister’s office.
In Karnataka’s 1.2GW auction, bids were received for up to 20MW capacity at a time across 60 taluks, which are separate localities within Indian states.
At the time of the auction Bridge to India consultant Mudit Jain reported that the dispersed tender had lowered the transparency of the tender process for solar developers. This was because some players lost out on capacity even if they bid more aggressively than other successful developers, as they were competing for different taluks.
Tata Power Renewable Energy, a subsidiary of Tata Power, has also reported receiving a Letter of Intent (LOI) from Karnataka, for the 100MW that it won in the fiercely competitive 500MW auction, which PV Tech reported last month.
Anil Sardana, chief executive and managing director, Tata Power, said: “Tata Power is delighted at this project win as it further fortifies our vision of generating 30-40% of the company’s total generation capacity from non-fossil fuel sources by 2025."