Torrent Power & Tata’s TP Saurya Secure Clean Energy Projects in Karnataka
Solar Energy Corporation of India (SECI) has awarded Letters of Award (LoAs) to TP Saurya Limited (TPSL), a fully-owned subsidiary of Tata Power, and Torrent Power Ltd. for the development of clean energy projects in the state of Karnataka.
The cumulative power generation capacity of the two projects is 900 MW.
Torrent Power’s 300 MW Wind Power Project
Torrent Power Ltd. has received Letter of Award (LoA) for a 300 MW Wind Energy project in Karnataka which has an estimated cost of Rs. 2,600 crore.
The company secured this project through the Tariff-Based Competitive Bidding (TBCB) route, which was followed by an e-reverse auction. Torrent Power’s quoted tariff after the reverse auction stood at Rs. 2.94/KWh.
Torrent Power clarified in a stock filing dated 14th July 2022 that it has confirmed a long-term Power Purchase Agreement (PPA) with SECI valid for 25 years for the power generated from this project. The project is required to be commissioned within 24 months from the date of execution of this PPA.
This project comes under Tranche-XII of SECI’s Inter-State Transmission Scheme (ISTS)-connected Wind Power Projects, for which it had invited bids in October 2021. The cumulative generation capacity target of wind projects under Tranche-XII of this scheme is 1,200 MW.
TP Saurya’s 600 MW Hybrid Power Project
TP Saurya Ltd., a Mumbai-based subsidiary of Tata Power, has secured Letter of Award (LoA) from SECI for a 600 MW hybrid power project in Karnataka.
As per Tata Power, this project will use Indian-made cells and modules. TP Saurya Ltd. secured this project by the Tariff-based competitive bidding route, which was subsequently followed by an e-reverse auction. The rate per unit offered by TP Saurya after the e-reverse auction was Rs. 2.53/KWh. TP Saurya has signed a PPA with SECI for the power generated from this project, which will be commissioned within 24 months from execution date of the PPA.
This project is one of SECI’s ISTS-connected Wind-Solar Hybrid Power Projects (Tranche-V), for which SECI had invited bids in October 2021. In Tranche-V of this scheme, SECI invited bids to develop 1,200 MW hybrid power generation capacity.
About Torrent Power Ltd.: Torrent Power has its headquarters in Ahmedabad, Gujarat, and deals in power transmission and distribution, power generation, and manufacturing and supply of power cables. The company has a power generation of 3,879 MW, which comprises coal and gas-based power plants and renewable energy plants.
About TP Saurya Ltd.: Mumbai-headquartered TP Saurya Ltd. is a subsidiary of Tata Power which was incorporated on 2nd August 2020. Tata Power’s Renewable Energy capacity sits at about 5,524 MW, out of which 3,634 MW is installed capacity while 1,890 MW is under implementation.