This award will take the company closer to its target of achieving an installed generation capacity of 25 GW of renewable power by 2025, which in turn will see it committing an investment of Rs 1,12,000 crore (USD 15 billion) in the renewable energy space over the next five years, the company said.
The time extension has been granted by Solar Energy Corporation of India Limited (SECI) due to delay in operationalisation of long-term access by the central transmission utility, Inox Wind said in a regulatory filing to BSE.
An industry source said no company submitted bids under the auction for the 6 GW manufacturing linked solar energy projects.
The last date for submission of the bids for setting up 97.5 MWP (megawatt peak) grid connected rooftop solar PV system was April 30, 2019.
SECI is a nodal agency of the central government for auctioning renewable energy projects in the country.
State run Solar Energy Corporation of India Ltd (SECI) had conducted India's first auction of wind power projects in February 2017.
Coming in the wake of intensely competitive bidding in Rewa and Kadappa tenders, the signs are that competition for new projects is getting fiercer, particularly as the supply of new projects has slowed down in the last twelve months, reports market research firm Bridge to India.
The tariff-based competitive bidding is being conducted by the state-owned Solar Energy Corporation of India (SECI) for wind power capacity totalling 1,000 MW for supply of power to non-windy states.
"The Rewa tender has many unique features and addresses two of the most critical risks for solar project developers in India â€“ off-take and grid availability. If the tender results are as competitive as expected, it would provide a template for other states for solar power procurement," Vinay Rustagi says.
Wind tariff is likely to come in between Rs 4 and Rs 4.5 per unit -- below the average of around Rs 5 -- in the auction being conducted by SECI to set up 1,000 MW capacities for supply of power to non-windy states.
Solar power generator Azure Power today said it has bagged a 50 MW project which was recently put up for auction by SECI under the National Solar Mission (NSM).
The year saw solar tariffs falling below Rs 5 (USD 0.07)/ kWh, which led to solar power gaining parity with other sources of greenfield power and Bridge to India sees the tariff to break the Rs 4/kWh mark in the coming year.
A study by Mercom said that project developers are citing issues including, lack of access roads, clean green lands, and clear demarcation of land areas in these solar parks.
In the last 500 MW rooftop solar tender by SECI, tariffs dropped to an all-time low of Rs 3 (USÂ¢ 4.4)/kWh for special category states on the back of a significant capital subsidy.
This tender has received limited interest and that too predominantly from smaller developers who have submitted 20 bids totaling just 116 MW. This tender follows an allocation of approximately 1,200 MW in early 2015 where a fixed tariff of INR 7.01/kWh (USD 0.10/kWh) was offered to developers, Bridge to India said.
According to a study conducted by the ratings agency, out of total installed renewable energy capacity of 42,750 MW as on March 31, the share of solar energy increased to 15.82 percent, as against 13.8 percent in 2014-15.
The company is already carrying out the feasibility and financial viability study for the project, wherein it plans to set up floating solar panels with pumped storage system, a senior company official said.
According to the statement, the company will commission the project within 13 months from the date of signing of the PPA with Solar Energy Corporation of India (SECI). The project will generate approximately 7,500 million units during its 25 years tenure and supply power to AP Discom through SECI.
In the last three months, a total of 2,86,100 units of power has been generated from these installations, resulting in a saving of Rs 11.50 lakh in energy costs.