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Proposals pour in for REC scheme of solar energy

According to reports, Tamil Nadu seems to have emerged as one of the favourite destinations for solar power developers. Tamil Nadu Generation and Distribution Cor­poration (Tangedco) has received applications from developers to set up solar plants with a total capacity of nearly 700 MW under the Renewable Energy Certificate (REC) scheme.

A senior Tangedco official said they had received applications from various companies with a proposal to set up solar plants with a total quantum of about 700 mw in the state. Of the total solar power installed capacity of 21 MW in the state, about five MW plants were set up under the REC route, the official said.

“We are processing applications received under the REC and it is in various stages of implementation,” the official said. The solar policy 2012 released by the state government envisaged adding 3,000 mw solar power by 2015, out of which 1,150 mw would be added through the REC scheme. It plans to add 150 mw by 2013 and 325 mw in 2014 and another 675 mw in 2015.

Under the REC scheme, the project developer could produce power from solar plants and sell it to the distribution companies at the notified ‘average pooled purchase cost’ of Rs 3.11 per unit and get tradable renewable energy certificates and make money by selling them on the power exchanges. “The REC is traded at around Rs 9 per unit to Rs 11 per unit in the power exchanges,” a Tangedco official said.

Apart from the solar project proposals received under the REC route, Tangedco has received bids from 52 companies who would be set up plants with a total capacity of 698 mw and sell the electricity to Tangedco for at Rs 6.48 per unit.

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