Six months after it conducted a solar auction of 250 MW at the Kadapa Solar Park in Andhra Pradesh, NTPC has still not been able to find a buyer for the power the project will produce, people aware of the matter said.
All 250 MW at the April auction were won by SolaireDirect, a subsidiary of the French energy giant Engie, quoting a tariff of Rs 3.15 per kWh, which was a record low at the time.
But so far Engie has not even received a Letter of Award (LoA) from NTPC confirming that it had been allotted the project, sources said. Usually, the power purchase agreement (PPA) with the winner of an auction is signed within a validity period of two months after the auction.
But in this case, no PPA has yet been signed, and the validity period was recently extended for the third time – this time for a month – till mid-November, sources said. Read More…