Fortum, ACME Group, Tata Power, Adani Power, ReNew, Yellow Infrastructure win solar contracts in Karnataka

Several groups have recently been awarded solar contracts from the reverse auction process conducted by NTPC, the Indian Government-owned company engaged in the electricity generation, on 12th April 2016. In the auction, 500 MW of grid connected solar PV projects were awarded in the state of Karnataka.

Some of the group which resulted awarded with solar contracts are the following: 

• Fortum
• ACME Group
• Tata Power
• Adani Power
• ReNew Power
• Yellow Infrastructure

Fortum, the only foreign player awarded with solar contracts in Karnataka, has secured 100 MW in this bid. All the solar power plants will be built in Pavagada Solar Park in Tumkur District, Karnataka. Fortum won with a fixed tariff of 4.79INR/kWh (0.072US$/kWh) for 25 years.

Meanwhile, ACME Group has won a 100 MW project at Rs 4.79INR/kWh (0.072US$/kWh). This project would entail an estimated investment of INR750 crores (US$111 million). The project work will commence by July 2016 and it will be commissioned by the year 2017 to generate 110.721 GWh.

Additionally, Yellow Infrastructure, a subsidiary of Rattan Power, has been awarded 50 MW by quoting the lowest bid of 4.78INR/kWh (0.071US$/kWh), while Adani Power and Tata Power each bagged 100 MW of solar power capacity (two power plants of 50 MW each) at a bid of 4.79INR/kWh (0.072US$/kWh). Finally, ReNew power resulted awarded with 50 MW at a bid price of 4.80INR/kWh (0.072US$/kWh).

Sanjay Aggarwal, Managing Director, Fortum India, said:

“We are excited to become a successful bidder in the reverse auction process. Solar has always been a focus area for Fortum in India. The country provides a good platform for Fortum to further develop its business in solar also elsewhere. Fortum seeks to allocate of its planned growth capital  in the range of EUR 200 - 400 million in solar projects in India”

 Mr. Manoj Kumar Upadhyay, Founder & Chairman, ACME Group, said:

“ACME is one of the leading solar developers with Pan-India presence. In order to get the footprints all over the country, it was important for us to have a presence in the state of Karnataka and also becoming part of the current stage of NSM. We are happy that we have secured this tender in the state of Karnataka and have managed to get it at the right price – a price we are comfortable at. We wish to thank the Govt. of Karnataka, MNRE and NTPC and would look forward to work closely with them.”