Orange Renewablehas secured a 200 MW Wind Power project in
the State of Tamil Nadu under an intensely competitive global bid floated by
Solar Energy Corporation of India (SECI).
The company's bid of a highly competitive rate of Rs.
2.64 / unit (4.1 US cents / unit) is the lowest tariff in India and one of the
lowest in the world, establishing Orange Renewable as one of the most
competitive wind power producers in the world.
Speaking on the development, Sudhir Nunes, CEO, Wind
Business, Orange Renewable said, "It is nothing short of a historic
achievement for a young and steadily growing IPP like Orange. We were able
to achieve our targeted returns at such a low tariff through a combination of
factors, including: ownership of critical development assets in a site with
strong wind resource, strong relationships with global suppliers of lowest cost
of energy technology, cost economy of scale associated with a single 200MW
project, efficient sourcing of capital, sophisticated and innovative contracts
and low offtake risks in terms of PPA and evacuation. We attribute this success
to our disciplined focus on building project development, financing,
construction management and asset management capabilities."
Based in Toothukudi district of Tamil Nadu, this project
will be connected to the inter-state transmission system/national grid, which
will enable flow of power from a region rich in wind resource to states that
are relatively poor in wind resource in order to help meet their energy needs,
comply with their renewable energy purchase obligations and lock-in stable,
long-term power prices.
The project will supply clean and affordable energy to
approx. 150,000 households and offset 650,000 equivalent tonnes of CO2.
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