Saturday, May 6, 2017

PTC India signs Agreements for 1050 Mega Watts Wind Power

PTC India Limited, the leading provider of power trading solutions in India, has announced the execution of Memorandum of Agreements (MoAs) with seven (07) state utilities for sale of wind energy for a total quantum of 1049.9 MW. The tariff for wind energy was discovered transparently through competitive bid at a historic low of 3.46 / Unit. PTC’s thrust on renewable energy is in line with the vision of Prime Minister Narendra Modi to reach 175 GW of renewable capacity by 2022.

The Agreements were exchanged between PTC and Discoms in the presence of Hon’ble Minister of State (IC) for Power, Coal, New and Renewable Energy and Mines Piyush Goyal at a Conference of Power, New and Renewable Energy and Mines Ministers of States & UTs held here. Distribution Utilities of Uttar Pradesh, Bihar, Jharkhand, Assam, Odisha, Delhi and Noida have signed MoA with PTC. Uttar Pradesh is the largest beneficiary of the Scheme and has signed MoA for 440 MW.

Deepak Amitabh, Chairman and Managing Director said, “We are proud to be associated as a trading partner for renewable resources based power generation, which is the energy for the future. The scheme is very beneficial for power industry as a whole and wind industry in particular. It will attract more investments in the industry and lower tariff through competitive bidding, which will benefit the end consumers. This model will be very helpful for scaling up wind power generation in the overall renewable energy basket in the future. The Scheme is aimed at better utilization of wind resources that are available abundantly in windy states and supply green power to non-windy states, hence helping the nation as a whole in achieving the target. I would like to congratulate developers and Utilities for their contributions towards achieving the target set by Govt. of India.”

Ministry of New and Renewable Energy (MNRE) had formulated the Scheme for setting up of 1000 MW ISTS connected wind power in India. In the Scheme, wind projects are to be set up in windy states for supply of power to non-windy states and UTs. PTC is the trading partner responsible for purchase and sale of wind power under the scheme. The government successfully completed the first ever auction of wind power and associated infrastructure for 1,000 MW in last week of February with a provision to increase in upto 1050 MW. Bidders were selected and Letter of Awards were given to successful bidders. PTC India Ltd has successfully tied up entire power with above discoms.

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