An Adani Group company has won the project to set up a 100 MW solar power unit in Chhattisgarh, in an auction where none of the bidders quoted below the reserve price.
Parampujya Solar Energy, an arm of Adani Green Energy, sought the lowest viability gap funding (VGF) of Rs 59 lakh per MW among three bidders in the latest solar auction conducted by Solar Energy Corporation of India (SECI). The reserve price in SECI’s reverse auction is Rs 4.43 a unit. The winner has to supply electricity at the price it bid. The Ministry of New and Renewable Energy provides VGF, or subsidy, of up to Rs 1 crore per MW to solar developers. In two other recent solar auctions as well – 400 MW in Andhra Pradesh in May and 125 MW in Uttar Pradesh in March – the winning tariff had been Rs 4.43 per unit.