The Economic Times daily newspaper is available online now.

    JSW Energy's bid lowest in battery storage auction

    Synopsis

    Seven other companies - Acme Barmer Solar, Hartree Partners Singapore, Eden Renewable Vavin Pvt Ltd, Sterlite Power Transmission, NTPC Renewable Energy, Renew Solar Power and Azure Power-were also in fray

    JSW Renewable Energy commences operations at the 225 MW solar project
    Sajjan-Jindal-led JSW Energy has emerged as the lowest bidder in the pilot large-scale battery storage auction with a winning bid of ₹10.84 lakh per MW. The Solar Energy Corp of India's (SECI) battery storage auction, one of the largest in the world, concluded late on Thursday.

    Seven other companies - Acme Barmer Solar, Hartree Partners Singapore, Eden Renewable Vavin Pvt Ltd, Sterlite Power Transmission, NTPC Renewable Energy, Renew Solar Power and Azure Power-were also in fray, people aware of the auction details told ET.

    Reliance Industries, Adani Power and Tata Power had evinced interest in the early stages of the tender but did not bid, they said.

    Bids Being Examined by SECI
    A senior government official said the bids were being examined by SECI.

    India recently mandated power distribution companies to have energy storage requirements along with renewable energy purchase obligations.

    Acme Solar was a close second with a bid of Rs 10.85 lakh per MW in the auctions. The price difference between the lowest bidder and the highest bidder was 111%.

    The tender is for two battery storage projects at a single site at Fatehgarh-III substations in Rajasthan. The land will be provided on a lease by SECI in agreement with the transmission licensee for the project.

    SECI will enter into a battery energy storage purchase agreement with winning bidders. The systems will be delivered on a build, own, operate and transfer basis.

    Under the contract, 60% of the capacity is marked for SECI, while 40% can be sold by the selected bidder in the open market.

    States will have to meet a quarter of their power demand through renewable energy sources in the current year, scalable to 47% in the next eight years as per a new renewable energy trajectory issued by the central government.

    This includes energy storage obligation pegged at 1% for FY24, to be scaled up to 4% by FY30.



    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    ...more
    The Economic Times

    Stories you might be interested in