The Oil & Natural Gas Corporation (ONGC) is planning to set up 1,000 MW Grid Connected Solar PV project in Karnataka.
According to sources, the company has approached the Karnataka Renewable Energy Development Limited (KREDL), for the issuance of Renewable Energy Certificate (REC) and Power Purchase Rate.
It has also learnt that the company is identifying suitable land for setting up of the proposed Project in the state.
According to the officials of KREDL the concept of REC and the efforts of Ministry of New & Renewable Energy have led to several solar power projects taking off in the country.
At present, small good projects are taking off. But large ones are coming up in a big way in the country, due to initiatives being taken by various states. With large projects slowly rolling out in the States, rates have become competitive. Recently, the Tamil Nadu Government invited tenders for 1,000 MW. Rates quoted were around Rs 5.70 per unit. Similarly, in Andhra Pradesh, it was Rs 6.49 per unit.
Other States which are finalizing tenders include Karnataka for 130 MW and 1,000 MW and Uttar Pradesh 200 MW. Bihar has already executed a 40 MW project and is exploring a 150 MW project.
Madhya Pradesh has completed a 200-MW project and plans to set up another 300 MW project.
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