As Cancellations Surge, India’s Solar ‘Pipeline’ Drying Up

31/01/2020 Business Opportunities, Franchise

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News from the much-celebrated 2 GW auction of NTPC in 2018, where top developers had bid for prices as low as Rs 2.59 isn't good. 70 percent of the capacity won by developers, namely, Acme Solar, Shapoorji Pallonji, and Azure Power, have opted out of the deal, citing regulatory delays.
The option of cancellation with the bidders was there within the PPA, which they need duly enforced now. Interestingly, SB Energy, which had won 600 MW at a Rs 2.60 bid, is that the only developer left. Readers might recall that SB Energy had actually made a bid for the full 2 GW complement, but got ‘only’ 600 MW as it missed the lowest price by a whisker in the oversubscribed tender.
The tender had stood out for the fact that it was one of the first big awards after the safeguard duty was announced, and to that extent, these costs were easily as good as the record low price of Rs 2.44 that had been witnessed earlier.
As it turns out, almost each of the developers mentioned here has their own liquidity issues to deal with currently. From general distress (ACME Solar) to a new team transitioning at Azure. The Shapoorji Pallonji group and its travails linked to its now listed EPC arm Sterling and Wilson have been well documented to be detailed again.

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