May 11, 2020 Read More →

India’s ReNew Power wins contract for 24/7 green energy with first year cost of $38/MWh

Recharge:

India’s renewable energy sector claimed a new milestone with the awarding of the country’s first tender for 24/7 green power that’s set to include storage as part of its deployment.

Leading developer and IPP ReNew Power won the 400MW ‘round-the-clock’ (RTC) tender award after a competitive process run by the Solar Energy Corporation of India (SECI), which handles renewable auctions for the Indian government.

The developer is free to deploy wind, solar or hybrid capacity in conjunction with storage to supply power day and night to two utilities – New Delhi Municipal Corporation and Dadar and Nagar Haveli. ReNew Power has been contacted by Recharge for more details.

The debut RTC auction – which unlike some recent Indian tenders was more than twice oversubscribed – was hailed by India’s power minister RK Singh as “a beginning towards firm, schedulable & affordable RTC supply through 100% [renewable] power”.

The winning price was 2.90 rupees/kWh ($0.038/kWh, $38/MWh) for the first year of the 15-year deals, rising by 3% annually.

Sidharth Jain, managing director of India-based research group MEC+, said the escalation gives a median price of around 4 rupees/kWh.

[Andrew Lee]

More: India hails renewable milestone after first deal for 24/7 green power

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