2019-06-24
Adani Green to Develop 600 MW of Solar-Wind Hybrid Projects Auctioned By SECI

Adani Renewable Energy Park (Gujarat) Limited (AREPGL), a wholly-owned subsidiary of Adani Green Energy Limited (AGEL), has won a 600 MW of solar-wind hybrid power projects in an auction conducted by the Solar Energy Corporation of India (SECI).

According to a Bombay Stock Exchange (BSE) filing dated June 19, 2019, AGEL has received the Letter of Awards for the project.

The tariff set under the power purchase agreement (PPA) is ₹2.69 (~$0.038)/kWh for 25 years.

Adani Green Energy Limited was the lowest bidder in the auction by SECI that was conducted for a 1,200 MW ISTS-connected solar-wind hybrid power project under Tranche-II. Adani Green Energy quoted a tariff of ₹2.69 (~$0.0387)/kWh to establish 600 MW of solar-wind hybrid projects.

SECI had issued the tender under tranche-II in February 2019. SECI had set ₹2.70 (~$0.038/kWh) as the ceiling tariff for this tender.

Later, the tender was undersubscribed by 300 MW as bidders stayed away because of the aggressive tariff cap. As a result, 80% of the capacity that was bid for was slated to be awarded. In this case, it was 720 MW.

Apart from these hybrid projects, Adani Green has also bagged another order from SECI to set up 130 MW of ISTS-connected wind energy projects.

Adani had quoted a tariff of ₹2.83 (~$0.0401)/kWh in the auction to set up 250 MW but was awarded only 130 MW. Mercom previously reported that SECI’s tender for 1,200 MW of ISTS-connected wind power projects on a pan-India basis under tranche-VII was undersubscribed by 50%. SECI had tendered the capacity in February 2019 and had fixed a tariff cap of ₹2.83 (~$0.0401781)/kWh for this tender.

The expected date of commissioning for both these projects is in the fourth quarter of FY 2021.

According to the company portfolio, its renewable energy generation capacity in India currently stands at 5.16 GW with 2.02 GW projects that are operational and another 3.14 GW capacity in the pipeline.

According to the financial statement announced by Adani Green Energy Limited (AGEL), the company’s revenue was ₹20.58 billion ($295 million) for FY 2019, at the fourth quarter ending March 31, 2019. In Q4 2019, the revenues saw a rise of 68% compared to the same quarter of 2018.

Source- Mercom India