Last month, Karnataka issued Letters of Approval (LOAs) for 910 MW of solar projects it allotted in its 1.2 GW solar auction held in March. The Karnataka Renewable Energy Development Limited (KREDL) has now approved 910 MW of projects ahead of its signing of power purchase agreements (PPAs).
This certainly comes as a positive news given that solar developers in some states last year complained of delays in the signing of PPAs. For instance, in Telangana, developers last year called an emergency meeting when even months after a major 2 GW solar auction, LOAs were still held up in the chief minister’s office.
In the 1.2 GW auction, bids were received for up to 20 MW of capacity a time, across 60 taluks in Karnataka. At the time of the auction, consultancy firm Bridge to India reported that the dispersed tender had affected the transparency of the entire tender process for solar developers, due to some players losing out on capacity despite bidding aggressively, since they were competing for different taluks.
Source: The Hindu Businessline
Tata Power’s subsidiary, Tata Power Renewable Energy also reported receiving a Letter of Intent (LOI) from the Karnataka Government, for the 100 MW of capacity that it won in the 500 MW auction previously held in the state.
Anil Sardana, chief executive and managing director, Tata Power, said: “Tata Power is delighted at this project win as it further fortifies our vision of generating 30-40% of the company’s total generation capacity from non-fossil fuel sources by 2025.”
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