The renewable energy sector is the biggest energy sector in India. Uttar Pradesh (UP) renewable energy project auction is getting low solar and wind energy project bid because of a low tariff rate.
Renewable energy companies are not happy with Government low tariff price rates. Bidder’s gotten less interest in bidding on low tariff rates project. UP New and renewable energy development agency start Auctioning 550 MW projects with a tariff per unit rate around Rs 3.04 and Rs 3.08 per unit and 85 MW project winning bid quoted Rs 3.04 per unit rate price.
UP power companies are not in good financial status right now. UP renewable energy agency set a deadline of 21 months for completion of the project after signing of the project agreement. Adani Green Energy and Tata power solar energy also the winner of this auction.
UP renewable agency auction 1000 MW in July which is later was cancelled without any official reasons.