Shapoorji Pallonji bags 50 MW floating solar project in UP from SECI quoting Rs 3.29 / kWh

Shapoorji Pallonji bagged first block in SECI’s auction of 150 MW of floating solar projects on the Rihand Dam in Uttar Pradesh.  The company won the reverse auction for 50 MW quoting a tariff of Rs 3.29 per unit.

SECI will auction remaining 100 MW shortly in blocks of 50 MW. An official from SECI speaking to ET said “We had considered bringing out such a tender two years earlier, but our initial inquiries showed tariffs would have been in the range of Rs 7-8 per unit, and so we decided not to go ahead.”

Solar tariffs have dropped dramatically since then, with those of ground mounted projects dropping to Rs 2.50-3.50 per unit. In UP, where solar radiation is not as strong as in states like Rajasthan, the average tariff has been more than Rs 3 per unit.

Rihand Dam is the country’s largest reservoir by volume and largest artificial lake, located on the Rihand River with its catchment area spread over Uttar Pradesh, Madhya Pradesh and Chhattisgarh.