Solar power developers have evinced keen interest in putting up projects in Karnataka under the ‘renewable energy certificate’ (REC) scheme. Over the last three weeks, Karnataka Renewable Energy Development Ltd (KREDL) has received applications for setting up projects totalling to 250 megawatt (MW).
“All these applications are being processed and projects will be sanctioned in about 20 days,” Mr N.S. Prasanna Kumar, Managing Director, KREDL, told Business Line today. “The REC mechanism is gaining a huge market,” he added.
Under the REC scheme, producers of renewable energy who do not opt for the preferential feed-in tariff get tradable generation-based certificates. The certificates could be bought by specified ‘obligated entities’ who are either specified consumers or electricity distribution companies.
Mr Kumar had recently announced that KREDL would invite projects with a total capacity of 200 MW under the REC scheme of the Ministry of New and Renewable Energy (MNRE).
This is apart from the feed-in tariff based programme of the Karnataka Solar Policy for encouraging developers to set up projects worth 350 MW by 2016.