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CERC Approves Tariffs for SJVN’s 1.2 GW FDRE Projects with Greenshoe Option

The Central Electricity Regulatory Commission (CERC) has approved tariffs of Rs4.25/kWh and Rs4.26/kWh for SJVN to procure 1.2 GW of power from firm and dispatchable renewable energy (FDRE) projects, along with a greenshoe option of another 1.2 GW. The approved trading margin will be finalized as per the power sale agreements (PSAs) between SJVN and distribution companies.

SJVN had invited bids for 1,200 MW of FDRE projects with energy storage systems, along with a greenshoe capacity of 1,200 MW. It received nine bids totaling 2,160 MW. Since the bids exceeded 80% of the required capacity, the final allocation was capped at 1,200 MW. However, letters of award were issued for the full 2,400 MW including the greenshoe.

Hero Solar, Ganeko One Energy, Juniper Green Energy, and Renew Solar Power secured 120 MW, 140 MW, 200 MW, and 150 MW, respectively, at Rs4.25/kWh, while Avaada Energy won 590 MW at Rs4.26/kWh. Each company also received additional greenshoe capacity at the same tariffs.

SJVN has already signed a PSA with Uttar Pradesh Power Corporation Ltd. for 1,200 MW. The Commission approved the tariffs but noted that if escrow or letter of credit arrangements are not provided, the trading margin will be capped at Rs0.02/kWh.