TEDA invites bids for solar parks

May 11, 2018 12:00 am | Updated 03:46 am IST - CHENNAI

Facilities with 500 MW total capacity to be developed under two models

Red-hot sector:Tamil Nadu is one of the top States in India with over 1.7 GW of installed solar capacity .File photo

Red-hot sector:Tamil Nadu is one of the top States in India with over 1.7 GW of installed solar capacity .File photo

The Tamil Nadu Energy Development Agency (TEDA) has invited bids for developing solar parks in one or multiple locations in Tamil Nadu with an aggregated installed capacity of 500 MW.

According to the TEDA officials, the solar parks would be developed under two models. In the first model, developers with adequate land and financial resources and expertise can opt to set up a solar park. At the time of applying, the developer must have at least 250 acres of contiguous land for the development of a solar park with at least minimum 50 MW capacity.

The applicant or the consortium should have a combined net worth of not less than Rs. 25 crore or an average annual turnover of Rs. 25 crore in the preceding three consecutive financial years, TEDA officials said.

The second model would be a co-development model in which individual or group of individuals, small and marginal farmers, and women among others who own the land can lease it for development of the solar park. The developer will be required to form a special purpose vehicle and the required extent of land will have to be leased by the land owners to this SPV on a long-term lease. In the co-development model, the TEDA officials said the possibility of funding the project would be explored through its financial partner subject to due diligence.

Propelled by targets

TEDA was propelled by the targets set out in the ‘Vision Tamil Nadu 2023’ for renewable energy and the renewable energy purchase Obligations (RPO) set by the Ministry for New and Renewable Energy (MNRE) for the year 2022, officials said.

The vision document has targeted an incremental generation capacity of 10,000 MW and 5,000 MW in solar energy.

Separately, TEDA has invited bid for a 50 MW grid-connected solar photovoltaic (PV) project in its own land in Kayathar. It will procure the power through a reverse bidding mechanism (wherein the lowest bid will be declared as winner) and has fixed Rs. 3.47 per unit as the benchmark price, according to the tender document. The project would be eligible for grants as per MNRE norms.

Tamil Nadu is already one of the top solar States in India with over 1.7 GW of installed solar capacity (as of March 31, 2018), according to Mercom. The planned tenders will further strengthen the State’s strong project development pipeline of about 2.4 GW, it added.

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