Indian developer secures 300 MW renewables project with $0.050/kWh bid


From pv magazine India

Ayana Renewable Power, a Bengaluru-based renewable energy platform, has secured a project to supply 300 MW of renewable energy to REMCL, a joint venture between the Indian Ministry of Railways and RITES Ltd. 

Ayana Renewable Power won the capacity at a levelized tariff of INR 4.1 ($0.050)/kWh via its Project Nine Renewable Energy subsidiary, in a reverse bid auction for 900 MW of capacity tendered by REMCL. 

To supply 300 MW of round-the-clock power, Ayana will need to install around 1 GW of solar and wind capacity, supported by a storage solution. It will develop the project on a build-own-operate basis. 

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“The project is a first-of-its-kind, with a high degree of availability and dispatchability, and will add installed capacity of approximately 1 GW of renewables through solar and wind to Ayana’s portfolio with third-party storage arrangements,” said Ayana Renewable Power. “This takes Ayana’s cumulative capacity in operation, maintenance, and development to nearly 5 GW.”

Ayana Renewable Power said that the project, with an annual availability of over 85%, will deliver reliable renewable energy for 25 years. It claimed that it will demonstrate the capability of RTC to facilitate baseload power instead of traditional peak-load management.

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