The green energy movement in India suffered a jolt as bidders shunned a 1,200 MW hybrid project for the fourth time in a row. As a result, the Solar Energy Corporation of India (SECI) has had to extend the deadline of the project to November 14. This failure to attract bidders marks the second such ‘renewable energy’ project that has fallen through in a month’s time – signalling the presence of policy wrinkles that need ironing.
This failure to attract investors also means that monthly renewable energy targets are being missed. The Centre’s ambitious target of 1installing 175 GW (giga watt) renewable energy capacity by 2022 needs a steady flow of monthly installations which despite reductions in tender sizes and date extensions is failing to keep pace.
Uncertainty amongst domestic players is, as a result, increasing while foreign investors grow wary. a times of India report suggested. The report further added, developers are not happy with the capping of tariff in competitive bidding. According to the developers, competition, wind density and solar irradiance should determine tariffs.