The Solar Energy Corporation of India (SECI) has successfully concluded world’s largest renewable energy-cum-storage tender. The agency allocated 1.2 gigawatts of renewable energy capacity among two of India’s leading developers.
Greenko Energy Holdings and ReNew Power secured 900 megawatts and 300 megawatts of renewable energy capacity in a first-of-its-kind tender issued by SECI last year. As per the conditions of the tender developers are required to supply firm renewable energy throughout the day. Developers were required to bid separate tariffs for supplying power during peak and off-peak periods. Peak period constitutes 11 hours in a day.
Greenko Energy Holdings has secured rights to develop 900 megawatts of capacity with a peak period tariff of Rs 6.12/kWh (US¢8.55/kWh) and an off-peak period tariff of Rs 2.88/kWh (US¢4.02/kWh). ReNew Power secured a capacity of 300 megawatts with peak period tariff of Rs 6.85/kWh (US¢9.57/kWh) and off-peak period tariff of Rs 2.88/kWh (US¢4.02/kWh). To meet the firm supply of 1.2 gigawatts, developers would be required to have storage capacity of 3,000 megawatt-hours.
During the technical bidding round Greenko Energy had bid for 900 megawatts, ReNew Power for 600 megawatts, and HES Infrastructure for 120 megawatts. While ReNew Power halved its bid in the financial bidding round, HES Infrastructure did not participate at all.
While ReNew Power is not known to have worked on any large-scale energy storage projects, Greenko Energy Holdings perhaps the most experience in this field among all Indian developers. We had reported earlier that the company is working on two renewable energy-cum-storage projects in the states of Karnataka and Andhra Pradesh. In each of the projects the company will set up 2 gigawatts of solar and 2 gigawatts of wind energy capacity. While the project in Andhra Pradesh will have pumped hydro storage capacity of 8,000 MWh, the project in Karnataka will boast a pumped hydro storage capacity of 9,600 MWh.
Greenko Energy Holdings, which bought out SunEdison’s India assets, is backed by the likes of Singapore government-backed group GIC and the Abu Dhabi Investment Authority (ADIA). ReNew Power, one of India’s leading renewable energy companies, counts Goldman Sachs, ADIA, Canada Pension Plan Investment Board, and Global Environment Fund as its investors.
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