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TEDA inviting bids for developing solar parks in Tamil Nadu

The Tamil Nadu Energy Development Agency (TEDA) is reportedly inviting bids for developing solar parks in one or multiple locations in Tamil Nadu with an aggregated installed capacity of 500 MW.

TEDA officials speaking to The Hindu said that the solar parks would be developed under two models. In the first model, developers can opt to set up a solar park only with adequate land and financial resources and expertise. The developer at the time of applying must have at least 250 acres of contiguous land for the development of a solar park with at least minimum 50 MW capacity.

The publication citing TEDA officials notes that the applicant or the consortium should have a combined net worth of not less than Rs. 25 crore or an average annual turnover of Rs. 25 crore in the preceding three consecutive financial years.

The second model would be a co-development model in which individual or group of individuals, small and marginal farmers, and women among others who own the land can lease it for development of the solar park. The publication notes that the developer will be required to form a special purpose vehicle and the required extent of land will have to be leased by the land owners to this SPV on a long-term lease.

In the co-development model, the TEDA officials said the possibility of funding the project would be explored through its financial partner subject to due diligence.

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