ETain ImMODO Renewables Ltd, Ahmedabad based leading Solar Turnkey Services provider, has been awarded two Solar PV projects with total capacity by Madhya Pradesh Government.
Under the “Policy for implementation of Solar Power based projects in Madhya Pradesh, 2012”, Madhya Pradesh New & Renewable Energy Department (“MPNRED”) has floated a Request for Proposal (RfP) and invited bids for setting up of solar projects under Category II and III of the said policy.
Details of the Bids received by the MPNRED are as follows:
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Total No of companies participated in the RfP: 45
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Total No of applications/bids received: 95
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Total Capacity bided: 1448.44 MW
ETain ImMODO Renewables Ltd (EIRL) which currently is operating more than 95 MW of solar projects worldwide including a 15 MW project in Gujarat Solar Park, has bided for around 20 MW solar projects for the said RfP.
According to sources, MPNRED has issued an in-principle approval/allotment to the company for the 15 MW capacity at Khargone (5 MW) & Mandsaur (10 MW) Districts in the state.
As per the data published by the MPNRED, these districts are having more than 300 days of clear sunny days with solar ration level between 5.6 to 6.2 kWh per m2 per day.
Under the state solar policy, land for the project will be allotted by the Government for setting up of the above mentioned projects.
The projects being set up by the company are of category II under which power/electricity from the proposed projects can be used for captive purpose and/or can be sold to any third party under a long term Power Purchase Agreement.
Under the policy, the developer(s)/investor(s) can avail Renewable Energy Certificate (REC) which can be sold on the power exchanges like Indian Electricity Exchange (IEX) and Power Exchange of India (PXI).
In addition to that the developer(s)/investor(s) can avail benefits of Accelerated Depreciation and thereby substantially reduce the Income Tax Liabilities.
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