PTC India on Tuesday said it has received overwhelming response from clean energy players to supply 3,500 MW of renewable power, higher than the 1,000 MW the company had sought.
This is a first-of-its-kind development in the Indian power market wherein a trading licensee intended to purchase renewable power for onward sale through market linked products, it added.
"PTC has received an interest of supply of 3500 MW of Renewable Energy (RE) from a total of 14 of the top RE producers against its Expression of Interest for procurement of 1000 MW for onward sale through market linked RE products," a company statement said.
This model will lead to significant changes in the present electricity market structure and speed up the renewable energy generation, it added.
Most of the big domestic private players, including Tata Power Renewable Energy Ltd (TPREL), Torrent Power and ReNew Power, participated in the process.
Besides, many internationally renowned companies like Enel Green and Engie Power have also shown interest.
Developers have offered quantum ranging from 100 MW to 500 MW. Since this is a hybrid based procurement (solar + wind energy) many developers have also offered high capacity utilisation factor (CUF), which means more renewable energy available for sale in the market.
The projects are mainly located in Rajasthan, Gujarat, Madhya Pradesh and Karnataka.
Developers have offered to commission the projects with in a period of 18-24 months.
The offers received from the developers are currently under evaluation and PTC is likely to take a call on the procurement in 3-4 weeks.
Rajib K Mishra, CMD (additional charge), PTC India, said, "This is unique market linked product being initiated by PTC to encourage renewable energy sale in the exchanges or through any other options without putting any burden or commitment on the state Discoms. This will shape-up the future of renewable energy market and will contribute to the growth of the sector."
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