India is set to offer nearly $7.5 billion worth of contracts for its “Green Corridor Project” or a dedicated transmission network for renewable energy.
The plan to connect the nearly 33 solar power parks coming up across India are expected to be awarded through tariff-based competitive bidding (TBCB), offering investors from around the world a lucrative opportunity.
The move is in line with the Indian government’s long-term vision to open up the power transmission sector to private investment. Industry executives said Sterlite Grid, Adani Power, Essel Infra, and Tata Power are expected to participate in the bidding process. These companies had won several power transmission projects last year through TBCB.
The Association of Power Producers (APP) had earlier batted for opening mega projects such as green corridors for private investment to bring down power rates.
The solar projects are planned across 21 states with increased competition reducing the risk of power project delays due to the untimely completion of transmission lines.