PEDA receives solar project bids with thrice the offered capacity

CHANDIGARH: In the third phase bidding for solar projects held recently, Punjab Energy Development Agency ( PEDA) has received 18 bids with a cumulative capacity of 1,650 MW as against the offered capacity of 500 MW.

Announcing this here on Sunday, new and renewable energy minister Bikram Singh Majithia said all leading national and international companies -Sun Edison, First Solar and Sky Power from the US, Solar Pack Corporation from Spain, and Indian companies Emami Power, Sun Pharma, Acme, Hero Group, Welspun and Azure Power -- had participated in the bidding process. He said the allocation process would be completed by the end of next month.

The bidding has oversubscribed by more than three times, which is highest as compared to other bigger states that carried out bidding recently for similar capacity solar projects.

These 500 MW projects will bring an investment of Rs 3,500 crore in addition to Rs 4,000 crore already invested on 540 MW solar projects in the state.

Majithia said the overwhelm- ing response from international solar power players had once again confirmed that the state’s renewable energy policy was the best in the country.

“We have backed up our solar mission with a 25- year power purchase agreement with Punjab State Power Corporation Limited (PSPCL) and the PSPCL credit rating of A+ has also boosted the investor confidence,” the minister said, adding that Punjab had been enhancing its renewable energy share, especially solar energy, fast. “The target is to generate solar power up to 1,500 MW by December 2016,” he added.