NHPC, a central public sector unit successful bid out a 2,000 MW solar PV project via ERA or e-reverse auctioning, in times of the lockdown period.
Reverse auction is a process by which an auction is conducted with one buyer and multiple sellers. It is the reversal of the traditional roles of the buyer and seller in an auction. In this method, the bidder quoting the lowest tariff is awarded the project. This was conducted online in light of the lockdown conditions.
NHPC Ltd is a central public sector unit under the Union Ministry of Power. It is a hydroelectric power company founded in 1975. It holds the status of Miniratna category-I CPSU. It is headquartered in Faridabad in Haryana.
About the Project’s Bidding
The 2,000 MW grid connected solar photovoltaic (PV) project is to be set up anywhere in India. At a time when businesses are struggling because of the lockdown, the NHPC bid out the project at a tariff of 2.55/2.56 INR per unit. The ERA was conducted among 7 bidders in total with an aggregate capacity of 3,140 MW.