After solar, wind power tariffs fall to record low
India, the world's third-biggest greenhouse gas emitter, has set a target of raising its renewable energy generation to 175 gigawatt by 2022, around five times current usage, to fight climate change.
Wind power tariffs fall to a record low
Who hosted the auction and who won it?
The auction, conducted by the state-run Solar Energy Corporation of India (SECI), sought the lowest bidder for total wind power capacity of 1,000 MW.
Mytrah Energy (India) Ltd, Singapore's Sembcorp Industries and IDFC's Green Infra Ltd, global private equity fund Actis Llp's platform Ostro Kutch Wind Pvt. Ltd and Inox Wind Infrastructure Services bid Rs 3.46 kW/h to win contracts for 250 MW each.
What is SECI?
SECI is the nodal agency for implementation of a scheme that channelizes power from these projects to states which do not have adequate wind resources. India has set a target of generating 60GW of wind power by 2022, up from 28,700.44 MW at December end.
Love Business news?
Stay updated with the latest happenings.
What does India's wind power producing scenario look like?
India's wind sector has suffered delays in completing agreements for power purchase. Many distribution firms have shied away from projects requiring electricity generated by wind projects.
Where does India stand on renewable power generation?
The lowest coal-based power tariff in India was Rs 1.19 for 400 MW Sasan ultra mega power project won by Anil Ambani-owned Reliance Power in 2007. The project has seen two tariff revisions since then.
India has already managed to bring the cost of its solar power production to Rs. 3/unit. The government wants to achieve 175 GW of renewable energy capacity by 2022.
India ratified the Paris climate change treaty
Last October, India became the 62nd nation to join the Paris agreement that requires member countries to bring down the carbon dioxide (CO2) emissions in order to keep global average temperatures from rising above 1.5°C. India is responsible for 6% of the global CO2 emissions.
Reliance AIF to raise Rs. 1,000 crore debut fund
Chandrasekaran announces strategic priorities for Tata Sons