A tender floated by Tangedco to procure 1,500 MW solar power has been oversubscribed, with 40 developers bidding for a capacity of 3,780 MW.
The technical bids for 1,500 MW was opened on Thursday and the price bids would be taken uplater this month. The overwhelming response means that solar tariff is set to fall below Rs. 4 per unit, which was the benchmark rate for the tender.
“There are companies which have bid for capacities of 1,500 MW, 400 MW, 250 MW and 100 MW,” said a Tangedco official. However, he refused to disclose the names of the companies. He added that not all bidders might qualify after the price bids are open.
The response to the current tender is in contrast to the previous two tenders of 500 MW each, which received a lukewarm response.
Recently, the Tamil Nadu Electricity Regulatory Commission gave the go-ahead to Tangedco to sign an agreement with 16 bidders for a capacity of 224 MW at Rs. 4.40 per unit from its 500 MW solar tender. It has also given the nod for agreements with GRT & Sons and GRT for 10 MW at Rs. 4.50 per unit from its earlier 500 MW tender.