PTC India Ltd is the chosen trader for 1000 MW of wind power capacity that will be set up by private developers under a government scheme, an official familiar with the development told Moneycontrol.
The government, through its nominated agency Solar Energy Corp of India Ltd, is currently in the process of inviting private developers to set up solar power units of capacities totalling 1000 MW. The projects will be awarded through a reverse bidding process to get the lowest price from a developer. No unit will be less than 25 MW for a single project developer at one site.
PTC will charge a trading margin as mutually agreed between the parties or as decided by the Central Electricity Regulatory Commission, the official said. It will share at least 25 percent of trading margin with Solar Energy Corporation.
PTC will sign power purchase agreements with developers at bidded tariff and back-to-back power sale agreement with buying distribution companies/state utilities/bulk consumers at a pooled price of the total bids selected.
The duration of these agreements will be 25 years. At the end of September, the wind power installed capacity in the country was 28,082 MW, 9.1 percent of total installed capacity.
Globally, India is at fourth position in terms of wind power installed capacity after China, US and Germany. The government has set an ambitious target of achieving 175 GW power capacity from renewable energy resources by 2022, with 60 GW coming from wind power.