Omkareshwar 300 MW Floating Solar Tender Oversubscribed by 700 MW

Rewa Ultra Mega’s Solar Ltd (RUMSL)- a joint venture between SECI and MUVN, that is to develop 300 MW floating solar project at the Omkareshwar Reservoir at Madhya Pradesh has been oversubscribed. The oversubscription is by 700 MW. The cumulative capacity of the project is 600 MW. That makes it the frontrunner to be the among the largest floating solar plants in the world when completed. However, larger floating projects in India have struggled to be closed due to a variety of issues so far.

The developers that participated in the auction were Tata Solar, Mahindra Susten, NHDC, SJVN, Eden Renewables, NTPC, Hinduja Renewables.

The first phase of the auction, which allocated 300 MW, saw Amp Energy, NHDC and SJVN as winners. Amp Energy bagged 100 MW. It quoted a tariff of INR 3.21 kWh. NHDC on the other hand bagged a capacity of 100 MW at 3.22 kWh. The rest of the capacity was bagged by SJVN with a tariff of INR 3.26 kWh.

The second phase of the tender was floated in July 2022. Last month, Madhya Pradesh Electricity Regulatory Commission approved deviations to the norms with respect the bidding for the solar project in question, that had also caused some delays in the whole process. Together, RUMSL and Madhya Pradesh Power Management Company had filed a petition to approve deviations on bidding norms as directed by the Ministry of Power.

In India, there is scarcity of land. The development of floating solar power projects help address this challenge. Currently, India’s capacity of floating solar power plants stands at close to 175 MW, with NTPC’s Ramagundam project of 100 MW the largest by far.

Multiple projects across Maharashtra, Gujarat, Telangana and other states in East India have been planned in floating solar. PSU energy firms like NTPC ( at it’s own reservoirs next to Thermal Plants) and SJVN have been in the front for this push.