ReNew leads the pack in bagging rooftop solar projects
Having bagged 49MW of projects across different states and under different models of financing, ReNew Power is the biggest winner among the hundreds of solar developers who have been allotted parts of the Solar Corporation of India’s (SECI) mega tender of 500 MW of solar rooftop projects. Other major winners are Jakson Engineers with 16 MW, Hero Solar Energy with 13.2 MW, Puroshottam Profiles with 12.5 MW and Bosch Ltd with 10.4 MW.
SECI floated the tender in late-April this year to give a fillip to rooftop solar projects in the country, whose development has been relatively slow so far. Of the 8727.62 MW of grid connected installed solar capacity in the country, rooftop solar is barely around 500 MW. SECI’s April tender of 500 MW, whose winners were announced earlier this month, dwarfed all its previous rooftop solar tenders, seven of which were issued since 2012 for a total of about 200 MW.
Of the 500 MW, 400 MW were allotted to large projects in the range of 25-500 kW and 100 MW to small ones below 25 kW. The 400 MW of large projects were divided between 200 MW to be build under the Capex model, where the rooftop owner also owns the solar plant and the remaining 200 MW under the Resco model where the developer builds and owns the plants while the property owner is paid a tariff for the power produced. The sub-25 kW projects were all under the Capex model. Capex solar projects are entitled to a 30 per cent subsidy in most states, going up to 70 per cent in special category ones (northeastern states, Kashmir, Uttarakhand, Himachal, etc.)
Interestingly, it is the small plants below 25 kW which have proved the most attractive with 141.2 MW allotted where SECI had intended only 100 MW. Of the 200 MW of tenders floated under the large Capex model, 193.6 MW have been given out. The Resco model has proved the least popular with only 97.65 MW of the 200 MW planned being allotted. Among the larger players, only ReNew Power has shown enthusiasm for the Resco model, with 26.9 MW of its 36.1 MW won in this category.
Among states, in every category, the northern ones have attracted the maximum response: Delhi, Haryana, Punjab, UP and Rajasthan. Under the large Capex model, the northern ones will be putting up 79.7 MW, compared to 44.55 MW in the western states and 38.9 MW in the southern ones. Under the small Capex model, northern states will have 68.05 MW against western states having 29.39 MW and southern states 24.78 MW. In the Resco model, northern states have been allotted 41.75 MW, while western states have 26.4 MW and southern states 20.1 MW. Among individual states, all three models taken together, Uttar Pradesh is on top with 51 MW allotted, followed by Haryana with 46.67 MW.
Under the Capex model, winning bids ranged from Rs 45,100 per kW of installed capacity (SPML Infra in Sikkim ) to Rs 75,000 per kW (Genus Innovation in Rajasthan, Maharashtra and Haryana), depending on location and extent of subsidy. Under the Resco model, winning tariffs varied from Rs 3 per kwH (Amplus Energy in Chandigarh as well as Himachal Pradesh) to Rs 6.89 per kwH (Fourth Partner Energy in Madhya Pradesh).
Source: Economic Times
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