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ReNew Power

Buyers Line Up For 350 Megawatts Of SkyPower Solar Capacity In India

by Saurabh Mahapatra January 22, 2018

At least three major renewable energy developers in India are looking to buy the seven solar power projects awarded to SkyPower Global as the Canadian company plans to exit the highly competitive market.

SkyPower Global was awarded three projects of 50 megawatts each in the state of Madhya Pradesh and four projects of 50 megawatts each in the state of Telangana. All these projects were awarded through competitive auctions under state solar policies.

We had earlier reported the problems SkyPower has been facing with one of the solar power projects in Madhya Pradesh. The company failed to commission the project by the deadline of January 2017 due to lack of enough land for the project.

The state government-owned company that was supposed to acquire power from the project refused to sign a power purchase agreement for the project and instead encashed the bank guarantee pledged by SkyPower.

SkyPower has challenged these developments in a court.

All seven projects were secured at the lowest solar power tariffs at that time. Media reports suggest that the built quality of the projects is very good, which has attracted the likes of ReNew Power, Greenko Energy, and Hero Future Energies. The plants are being constructed by Sterling & Wilson, which has also commissioned projects in the Middle East and Northern Africa.

While ReNew Power and Greenko Energy have the backing of major international investors, Hero Future Energies is part of a major Indian industrial conglomerate — Hero Group.

Greenko Energy acquired 1,300 megawatts of capacity awarded to SunEdison India after the latter’s bankruptcy. ReNew Power has also been looking at several potential acquisitions as it preps for its initial public offering. Hero Future Energies has been participating actively in several competitive auctions and would like to increase capacity under management.

In 2015, SkyPower Global had pledged to set up 9.9 gigawatts of solar power capacity across India. The company has been active in emerging solar power markets that offer significantly higher tariffs compared to those seen in high-competition markets such as Chile, the Middle East and India. The company has signed agreements to develop large-scale solar power projects in countries like Kenya, Bangladesh, and Egypt.

January 22, 2018 0 comment

Solar Records

SunEdison Wins 500 MW Solar PV Bid In India At Record-Breaking Tariff

by Saurabh Mahapatra November 4, 2015

written by Saurabh Mahapatra

US-based renewable energy project developer SunEdison has set a new Indian record for lowest tariff bid for solar photovoltaic power plant.

The lowest bid for solar PV project in India is now belongs to SunEdison. The company participated in a 500 MW auction under the revamped National Solar Mission. While a number of companies participated in the auction, SunEdison secured the entire 500 MW capacity. The company placed a bid of Rs 4.63/kWh (US¢7.12/kWh).

For the first time in India, a company secured a winning bid of lower than Rs 5.00/kWh (US¢7.7/kWh). In fact, as many as 10 companies quoted a bid below Rs 5.00/kWh while a total of 15 companies placed bids below Rs 5.50/kWh (US¢8.5/kWh).

The 500 MW auction was oversubscribed 10.5 times. A total of 30 prospective project developers submitted bids for a total of 5.5 GW capacity. Some of the foreign developers were among the first-time participants in an India solar power auction. These included companies like Trina Solar and SBG Cleantech (a joint venture company between SoftBank, Foxconn, and Bharti Enterprises).

Other major participants included SkyPower, ACME Solar, Aditya Birla, Essel Energy, Tata Power, Azure Power, Welspun Energy, Hero Future Energies, ReNew Power, and Suzlon Energy.

SunEdison beat the lowest bid record of SkyPower which secured a 50 MW project under Madhya Pradesh solar power policy earlier this year. A subsidiary of SkyPower won the 50 MW project at Rs 5.05/kWh (US¢7.7/kWh). The lowest winning bid before that was by First Solar at Rs 5.25/kWh (8.27¢/kWh) for a 40 MW project in Andhra Pradesh.

The bid by SunEdison is at 34% discount to the tariff determined by the Central Electricity Regulatory Commission for the current financial year. While SunEdison would be paid Rs 4.63/kWh (US¢7.12/kWh), the utilities would be buying this solar power bundled with power from coal-based power plants. The utilities would thus pay just Rs 3.50/kWh (US¢5.38/kWh).

The Indian government expects that tariff bids would fall further over the coming months. By the end of March 2015, around 4.8 GW solar power capacity is expected to be auctioned. A total of 6,781 MW solar power capacity has been allocated through competitive auctions for feed-in tariffs in India between December 2010 and September 2015. During the auctions, the bids have fallen by over 50%.

Earlier this year, SunEdison had pledged to install 10 GW of solar power capacity in India over the next 5 years.

November 4, 2015 0 comment

Solar Projects

Hanwha Q CELLS Enters Indian Solar Market

by Saurabh Mahapatra July 29, 2015

written by Saurabh Mahapatra

South Korean solar module manufacturer Hanwha Q CELLS is all set to enter the emerging Indian solar market through its recent module supply agreement with the local renewable energy developer ReNew Power.

Hanwha Q CELLS has entered a joint venture with ReNew Power to install, develop, and operate two solar projects with aggregate capacity of 148.8 MW in the southern Indian state of Telangana. As part of the deal, Hanwha Q CELLS will have 49% equity ownership in both solar projects.

According to the agreement, Hanwha Q CELLS will supply and install 477,000 German-engineered modules to the solar power projects located in the Medak and Mehbubnagar districts of Telangana. The module shipment will commence from August this year, with scheduled completion by next year. Both the projects are expected to be commissioned in June 2016.

The power generated from the projects will be sold to Southern Power Distribution Company of Telangana (TSSPDCL) through long-term power purchase agreement.

ReNew Power has already established itself as one of the most promising renewable energy developers in India with a 1-gigawatt portfolio of commissioned and under-construction renewable energy projects all over the country.

SeongWoo Nam, chief executive of Hanwha Q CELLS, said, “The Indian solar energy market is expected to grow rapidly in the next few years. Hanwha is pleased to partner with ReNew Power in capitalizing this opportunity as both a preferred module supplier and as a JV developer of solar energy projects.”

Earlier this month, ReNew Power also announced an investment and supply deal with Hareon Solar for a solar power project in Andhra Pradesh. Hareon Solar will invest in and supply modules for a 72 MW solar power project.

July 29, 2015 0 comment