Wed, Sep

Tata Power unit to invest in solar power projects in Maharashtra: Report

From The Web - India

A wholly-owned subsidiary of Tata Power Co. Ltd has bid for two solar power plants in...


A wholly-owned subsidiary of Tata Power Co. Ltd has bid for two solar power plants in Maharashtra, according to a Mint report citing sources.

Tata Power Renewable Energy Limited (TPREL) has bid for two separate projects, totaling 400 megawatts (MW).

 "TPREL may invest up to Rs 2,000 crore in these projects. Bid strategy and other investment and commercial terms are still being worked out," a source told the paper.

The Maharashtra State Electricity Distribution Co. Ltd (MSEDCL) had announced bids for 1,000 MW (1 gigawatt) of solar power projects in December. But the auction has been cancelled four times. The last deadline was March 9, and the company received bids for only 530 MW, according to an Economic Times report.

This month, the company has reintroduced the tender, adding a clause that allows winning bidders to revise tariffs and recover any safeguard duties imposed in future.

The tariff ceiling has been set at Rs 3 per unit, according to the tender sheet as viewed by Mint.

 The Directorate General of Safeguards had in January proposed a 70% duty on imported solar equipment.

In Karnataka, auction for solar power projects have been unsuccessful. The Karnataka Renewable Energy Development Ltd has received bids for only 55 MW when the second deadline of March second lapsed.

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