PNC Infratech secures NHPC's 300 MW solar energy project as lowest bidder

PNC Infratech Ltd said on Wednesday it has been declared one of the lowest (L1) bidders for a solar power project floated by state-run NHPC Ltd, securing a 300 MW Inter-State Transmission System (ISTS)-connected project with an energy storage component.

The contract, awarded under a tariff-based competitive bidding (TBCB) route, also includes a 150 MW / 600 MWh energy storage system (ESS), the company said in a regulatory filing. The quoted tariff for the project is ₹3.13 per kilowatt hour.

The allocation comes as part of NHPC’s tender for setting up 1,200 MW ISTS-connected solar power capacity with 600 MW / 2,400 MWh ESS across India, with a green-shoe option. PNC secured its allotment through an electronic reverse auction conducted on July 15.

The project is to be executed within 24 months from the effective date of the power purchase agreement (PPA), with operations set to run for 25 years thereafter, the company added.

PNC confirmed the award is from a domestic entity and does not fall under related-party transactions. The company also stated that neither its promoters nor group companies have any interest in NHPC.

Shares of PNC Infratech ended 1.7% higher on Wednesday, outperforming a subdued broader market.