National Hydroelectric Power Corporation (NHPC) has successfully concluded an e-reverse auction for developing a 2000 MW of solar generation capacity at a competitive tariff of Rs. 2.55/2.56 per unit at a time business are struggling due to lockdown.

The E-RA was conducted amongst 7 bidders with an aggregate capacity of 3140 MW. Against the total allocated capacity of 2000 MW, the lowest e-RA tariff of Rs 2.55/unit to Rs 2.56/ unit was achieved against the initially quoted tariff of Rs 2.71/ unit to Rs 2.78/ unit.

Earlier In a series of tweets, R. K. Singh, the Union Minister of Power and New & Renewable Energy, said, “Bid for setting up 2000 MW of solar generation capacity was finalized by NHPC, a CPSU under the Ministry of Power, at a competitive tariff of Rs. 2.55/2.56 per unit. During the lockdown, we kept our interaction with stakeholders alive through….”

“virtual platforms and also brought out new bids. This tariff is the result of several measures which we have undertaken during the past few months to enhance the confidence of investors and to promote ease of doing business. We stand committed to minimizing the risk to investors,” Singh said in another tweet.

The bidding was undertaken on April 16 under the e-reverse auction method where the bidder quoting the lowest tariff is awarded the project.

In spite of the complete lockdown in India due to COVID-19, NHPC successfully completed the E-Reverse Auction.