Adani Green Energy Limited has won the competitive bidding for a 50 megawatt (mw) solar power plant in Uttar Pradesh.
Uttar Pradesh New and Renewable Energy Development Agency (NEDA) under its Solar Energy Policy 2013 had invited competitive tariff based bidding from private companies for setting up of on-grid solar power units totalling 215 mw.
While, technical bids for 355 mw were received by NEDA, the bid evaluation committee had recommended bids for 215 mw power generation capacity. Later, a high powered committee on July 4, 2015 had vetted the proposals and found 15 quoted tariffs as eligible.
The state cabinet meeting chaired by chief minister Akhilesh Yadav today approved these proposals. Apart from Adani, Essel Infraprojects has also won the bid for setting up 50 mw unit.
Other companies have also been selected for setting up solar power plants for various capacities viz. 20 mw, 10 mw and 5 mw.
Under the policy, the on-grid solar power plants would be set up by the respective private companies on land purchased by it. The entire investment would also be borne by the company.
However, the state government would compensate, the UP Power Corporation Limited (UPPCL), with the difference in the solar power tariff approved by the cabinet and the weighted average tariff of conventional power purchase under case I bidding.
The compensation would be made out of its own Budget and through NEDA, which is the state nodal agency.