Large bidders keen on setting up utility scale solar power generation projects have backed out of the bids called by the Tamil Nadu Generation and Distribution Corporation. Potential independent power producers planning to put up multi megawatt scale projects have found the tariff of Rs 6.48 a unit set by Tangedco as unviable.
However, the price could attract the interest of smaller investors who will benefit from obtaining accelerated depreciation to offset income tax outgo, industry sources said. Large players such as IL&FS, Crescent Power, a multinational player in solar project and large developers have expressed their inability to invest in the solar project at the tariff quoted by Tangedco.
Last week, the utility had initiated negotiations with bidders where it had quoted the figure of Rs 6.48 a unit.
A large real estate developer who had participated in the bid said the company found that there would be ‘negative cash flow’ at that level not counting the benefit of accelerated depreciation. Investment of over Rs 8.5 crore a mw cannot happen depending purely on accelerated depreciation.
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