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Torrent, ReNew, O2 Power, NTPC, ACME, and TPREL Secure 750 MW in REMC Auction โ€“ Asia Pacific | Energetica India Magazine

January 31, 2024No Comments

Home โ€บ Business โ€บTorrent, ReNew, O2 Power, NTPC, ACME and TPREL secure 750 MW in REMC auction

Torrent Power emerged as the favourite, bagging 100 MW with the most competitive bid at Rs 4.25/kWh.

January 31, 2024. By Abha Rustagi

REMC Limited has announced the winners of its auction to provide 750 MW of round-the-clock (RTC) power from grid-connected renewable projects.

In the auction, launched in October 2023, industry giants including Torrent Power, ReNew Solar Power, TEQ Green Power XIII (02 Power), NTPC Renewable Energy, ACME Cleantech Solutions and Tata Power Renewable were awarded 25-year contracts.

Torrent Power emerged as the favourite, bagging 100 MW with the most competitive bid at Rs 4.25/kWh. Following closely, ReNew Solar Power, TEQ Green Power, NTPC Renewable Energy and ACME Cleantech Solutions bagged 200 MW, 100 MW, 200 MW and 100 MW respectively, with quoted tariffs of INR 4.37/kWh. Tata Power Renewable got 50 MW at a quoted tariff of Rs 4.43/kWh.

Project specifications call for 75 percent annual availability for the first four years, increasing to 85 percent for the remainder of the contract term. A minimum project availability of 50 percent is imperative during the term of the time block contract.

Fundamentally, the energy supply, including the energy in the storage system, must come from renewable sources. The rate, upon mutual agreement of the parties involved, will be leveled each year based on a discount factor of 7.7 percent.

Developers have the flexibility to integrate energy storage systems (ESS) either within the project or through a separate link with a third party. Renewable generation components and ESS facilities can be strategically located, either in joint locations or on separate sites. Additionally, various components of RTC power, encompassing solar, wind, hydropower and others, can be interconnected with the Interstate Transmission System (ISTS) grid at different ISTS substations.

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