Tata Power Renewable Energy Bags 255 MW of Hybrid Projects For Delhi

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It’s all within the group as Group Firm Tata Power Renewable Energy (TPREL) bagged the 255 MW Wind-Solar Hybrid auction from Tata Power Delhi Distribution Limited (TPDDL). The supplies are meant for the Delhi market, where TPDDL is one of the 3 discoms operating, besides the two BSES discoms. The winning bid of Rs 3 /kWh is just ahead of the second highest bid from Avaada Energy, at Rs 3.01/kWh. The third bidder, ReNew Power had placed bids at Rs 3.80/kWh.

The tender had been announced in September this year by TPDDL with a greenshoe option of a further 255 MW. As per the bid conditions, TPREL will need to ensure 85 MW of Solar and 150 MW of wind in the Hybrid tender. The minimum size of each hybrid project set up to service this requirement has been set at 50 MW.

The winning bid, coming as it does at a significant premium to previous Hybrid tenders, indicates the full impact of the BCD duties on solar module and cell imports, besides the need to use only ALMM approved modules. That rules out all foreign made modules, as the ALMM list remains an ‘Indian only’  list on date. The same condition applies to wind turbines used for the project, although that has foreign players in the list too.

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With a specified project CUF of at least 30%, the wind component will need to be the one that delivers at least 33% annual capacity utilisation factor. Solar projects in India do not assume CUF beyond 22-24% at the best of times yet.

At the time of filing this, we do not know if TPDDL will exercise the greenshoe option vis a vis any of the other bidders. TPDDL incidentally is the only Delhi discom to have met its Renewable purchase obligation target. Power supply from the project is expected to start late in 2024.

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