IREDA’s 5,000 MW solar project oversubscribed by 1,960 MW

The Indian Renewable Energy Development Agency’s (IREDA) tender for 5 GW grid-connected solar projects (Tranche-III) under the central public sector undertaking (CPSU) program (Phase-II) has been oversubscribed by 1,960 MW. The bidders were NTPC, the Solar Energy Corporation of India, NHPC, SJVN, NLC India, IRCON International, and Indian Oil. The tender was issued in January 2021 and the tariff for the project was set at Rs 2.20 per kWh by IREDA.

After the issue of the tender, IREDA extended the bid submission deadline to May 31, 202. IREDA also amended the request for selection issued for the projects, and the ceiling tariff for the projects was raised to Rs 2.45 per kWh from Rs 2.20 per kWh previously. The maximum period allowed for full project commissioning is 36 months from the date of the issuance of the letter of awards (LoA). According to the tender documents, 50 per cent of the viability gap funding would be released once the developer has awarded the contract to the EPC contractor. Within 12 months of receiving the LoA, the developer must sign the EPC agreement.

In February 2021, IREDA had invited state power companies to install a 5 GW of grid-connected solar project generation capacity under the Tranche-III of the second phase of the CPSU program. The projects will be set up on a build, own, operate basis and they will be able to be deployed anywhere in the country.

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