TANGEDCO has signed PPAs with project developers to develop 1,500 MW of solar capacity in Tamil Nadu. The 1,500 MW solar tender was oversubscribed by nearly 2.5 times for which the quoted tariffs ranged from Rs 3.47 per kWh to Rs 4 per kWh. Negotiations to bring down tariffs to the lowest bid of Rs 3.47 per kWh were successfully carried out. However, the utility was awaiting TNERC’s approval to sign PPAs at the new tariff. The commission had earlier set Rs 4.50 per kWh as the benchmark tariff for solar photovoltaic (PV) projects without accelerated depreciation (AD) and Rs 4.59 with the AD component.