Winners announced for Odisha solar auction

Solar Energy Corporation of India Ltd (SECI) has concluded a photo-voltaic solar power auction to develop renewable energy projects in Odisha, an eastern Indian state on the Bay of Bengal.

According to sources, Essel Green Energy has won the rights to develop 240 MW, while Jyoti Infrastructure has won a total 10 MW and IBC Solar Ventures India has won 20 MW. 

SECI had set a reserve price of Rs4.43 per kWh. The bidders were selected on the basis of the lowest viability gap funding (VGF). Jyoti Infrastructure sought for VGF of Rs4.915 million per MW, IBC asked Rs4.925 million and Essel Green sought Rs4.95 million per MW. 

The 240 MW Odisha project is the biggest that Essel Green Energy has won so far, and it is larger than the company's current solar portfolio, which includes 12 projects with a total capacity of 225 MW.