UP to seek Rs 5,500-cr investments for Bundelkhand green energy corridor

| | Lucknow
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UP to seek Rs 5,500-cr investments for Bundelkhand green energy corridor

Sunday, 09 December 2018 | PNS | Lucknow

The Uttar Pradesh government will seek private investments worth Rs 5,500 crore for the proposed Bundelkhand green energy corridor that is expected to generate 4,000 megawatt (MW) solar power.

Uttar Pradesh’s Non-conventional Energy Resources Minister Brajesh Pathak said the state would foot the bill for evacuating power from solar energy projects of 5 MW and above on to the grid in Bundelkhand and Purvanchal regions. The state will promote solar power parks, both in private and public-private partnership sector, to reduce its dependence on coal fired thermal power plant and achieve its target of 10,700 MW solar energy generation by 2022.

Pathak said the state would provide 100 per cent exemption in electricity duty to the private companies for 10 years.

The companies will be free to sell power to third party as well and they will get 50 per cent and 100 per cent exemption in transmission charges.

On account of rising power demand due to incremental growth, coupled with the government’s target to provide metered electricity to all households by next year, the state has projected total power supply to touch 22,500 megawatt by peak summer season in 2019. However, there is yawning gap between generation and projected demand.

While the government is trying to ramp up solar power generation through on-grid and off-grid solar power plants, including rooftop solar power installations, the grid transmission capacity is also being fortified to handle higher load to prevent tripping.

Meanwhile, what can be seen as a validation of UP government’s optimism regarding setting a competitive upper tariff of Rs 3.10/kWh for its 550 MW solar tender, its entire tender bucket has been oversubscribed well within the benchmark set by it.

The National Thermal Power Corporation (NTPC) has emerged as the lowest bidder in the reverse auction conducted by the UP New and Renewable Energy Development Agency for 550 MW of grid-connected solar projects by quoting a tariff of Rs 3.02/kWh to develop 85 MW. The firm also quoted a tariff of Rs 3.07/kWh to develop another 70 MW.

 A private solar energy firm also quoted Rs 3.07/kWh to develop 100 MW, as did Tata Power Renewable Energy Limited for developing 50 MW, along with another private sector company for developing 50 MW and Mahoba Solar for another 50 MW. 

An official of UPNEDA said that Tata Power also quoted Rs 3.08/kWh to develop another 50 MW as did Mahoba Solar for 50 MW.

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