Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) has opened financial bids for its 1.5 GW tender. The bids submitted by the participating companies range from Rs 3.47 per kWh to Rs 4 per kWh for project capacity totalling 2.67 GW. As per the bidding guidelines, the corporation will be signing PPAs for 1.5 GW of capacity at the L1 tariff of Rs 3.47 per kWh. Reportedly, 16 developers including NLC India Limited, Solitaire BTN Solar Private Limited, Rays Power Infra, Raasi Green Energy, ReNew Power and NVR Energy (Atha Group) have agreed to sign PPAs at this tariff. Project developers have been given up to 24 months to commission their projects and TANGEDCO has specified compensation in case of generation losses. Therefore, if developers face grid unavailability for more than 175 hours in a financial year, the excess energy generated by the project in the succeeding financial years would be procured by TANGEDCO at the prevailing PPA tariff.