The projects, in Maharashtra state, will be commissioned through a reverse auction with technical bidding to close on December 19. The deadline for the submission of financial bids and the date for the reverse auction after the opening of financial bids, will be published in due course.
India added 1.2 GW of large-scale projects in the third quarter of 2018-19, taking new capacity in the first half to 1.9 GW. The numbers are down 43% and 44%, respectively, on the same periods of the previous year, according to Bridge to India’s quarterly India Solar Compass.
Developers gave short shrift to warnings about depreciation, protectionism and tax headwinds as tendering and auction figures soared, but shied away from tough price caps set for the Solar Energy Corporation of India’s procurement exercises.
With the Solar Energy Corporation of India having already proposed 10 GW of solar be located on artificial bodies of water over the next three years, one of its directors has mooted ambitious plans at four more locations.
While the timelines for PV plant execution and completion of the manufacturing facilities required by the tender are now more realistic, production obligations – especially related to capacity utilization – need to be revisited.
The developer will supply energy to India’s largest utility under a 25-year PPA and can build the project anywhere in the nation, with construction to finish in early 2021.
A failed association with IL&FS has failed to deter SoftBank from its plan to invest a staggering $1tn in Indian solar by 2030. Now the Japanese funding giant is working with Essel Infraprojects on a 500 MW plant, with further details yet to be revealed.
As the currency continued to fall today, analysts are concerned developers will see any savings from lower module prices disappear, and lenders may get nervy, putting India’s national solar target in grave doubt.
Azure Power has raised the capital since June 30th, and says it is “the largest amount of financing raised by a solar power company in India during this period”. Azure says the fund leaves it well positioned to deliver a 2 GW project pipeline.
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