Renew Power, Avaada, UPC, Tata unit bag solar projects

Bengaluru: Renew Power, Avaada Energy, UPC Renewables and Tata Power Renewable Energy won projects in the 1,200 megawatts auction of the Solar Energy Corp of India (SECI), with the winners offering a slightly higher price than those in the previous round. In Thursday’s auction of the SECI, the nodal agency of the renewable energy ministry, Renew, Avaada and UPC Renewables won 300 MW each at a tariff of Rs 2.71 per unit. Since the SECI will allot 960 MW, Tata Power won 60 MW at Rs 2.72 per unit. “This is the seventh SECI auction for solar projects this year and these are the highest tariffs so far. The sentiment remains grim with strong risk aversion,” said Vinay Rustagi, managing director of renewable energy consultancy firm Bridge To India.

In the solar auction conducted by the SECI two months ago, the lowest winning tariff was Rs 2.53 per unit. Only two developers took part in it. The new Andhra Pradesh government, led by YS Jaganmohan Reddy, has been attempting to renegotiate signed solar and wind PPAs because of which developers have become apprehensive about