SECI awards 240MW solar project to Essel Green Energy in Odisha

Essel Green Energy has acquired a bulk of 270MW solar project in Odisha from Solar Energy Corporation of India (SECI).

A subsidiary of Subhash Chandra’s Essel Group, the company has bagged 240MW solar project, while IBC Solar Ventures India has won 20 MW and Jyoti Infrastructure has got 10MW.

Energy Corporation of India had set a reserve price of Rs. 4.43 per unit in the several solar auctions held this year, on which the successful bidders offered without going lower. The winners were chosen on the basis of the lowest viability gap funding (VGF) sought from the renewable energy ministry. IBC sought VGF of Rs 49.25 lakh per MW, Jyoti Infrastructure asked for VGF of Rs 49.15 lakh per MW and Essel Green Rs 49.5 lakh per MW.

This is one of the biggest solar project ever won by Essel Green Energy, and larger than its entire current solar portfolio of 225 MW across 12 projects, six of which have been completed.

Source: ET