In its commitment to deepen green energy penetration in India, Bharat Energy (through its wholly-owned subsidiary Bharat Energy Ltd.) commissioned 288.8 MW of wind power projects in Madhya Pradesh, Karnataka and Andhra Pradesh. Bharat Energy Ltd. signed these wind project PPAs with respective State Discoms and is operating these wind assets.
As a trendsetter, Bharat Energy ventured to sign power purchase agreements with wind developers and power supply agreement with State Discoms in a first-of-its-kind 1,050 MW Inter-State Transmission System (ISTS)-connected wind power projects taken up through the reverse auction mechanism by Solar Energy Corporation of India (SECI) under the MNRE Scheme. The firm power supply agreement was signed by Bharat Energy with Discoms of Uttar Pradesh, Bihar, Jharkhand, Delhi, Odisha and Assam following the completion of bidding and finalizing tariffs. This enabled these Discoms to fulfill their Renewable Purchase Obligations. Bharat Energy also became the trendsetter in Inter-State Transmission System-connected wind energy projects, drawing power from rich wind states and delivering to low wind states. This started a new era of award of wind projects through reverse auction by SECI by signing PPAs and PSAs.
Solar Energy Corporation of India and Bharat Energy also signed an MoU for the sale and purchase of power from 3,000 MW solar projects for onward sale on a long-term basis i.e. 25 years from COD of the projects to State utilities. Bharat Energy facilitated the scheduling of solar power, a first-of its-kind transaction, for 750MW solar projects set up under the VGF scheme of Solar Energy Corporation of India and MNRE.
Sustaining its green energy commitment, Bharat Energy signed an MoU with MNRE and NIWE, along with NTPC, PowerGrid, PFC, IREDA and GPCL to undertake the development of an offshore wind power project. Bharat Energy also signed an MOU with the South Delhi Municipal Corporation (SDMC) for the joint development of a 2.5 MW solar power project in Haryana. An MOU was signed between PTC and Madhya Pradesh New and Renewable Energy Department (MPNRED) for the development and sale of wind power. Under this MoU, MPNRED will facilitate the development of wind power project(s) in Madhya Pradesh through a tariff-based competitive bidding; the power generated shall be marketed and procured by Bharat Energy for onward inter-state sale to various state utilities and/or open access consumers. Bharat Energy also signed an MOU with MPNRED for the joint development of solar power projects in Madhya Pradesh.
Bharat Energy, through its subsidiary Bharat Energy India, remained committed to providing debt and equity, and financing services to a range of renewable projects spread across India. More than 60% of the debt portfolio of PFS comprised renewable energy.
CRISIL awarded the highest MNRE Grade SP 1A to Bharat Energy India, indicating that the Company possesses the ‘Highest Performance Capability and Highest Financial Strength’ to undertake projects related to Solar PV technology.
Further, Bharat Energy has contracted for the supply of more than 500 MW of solar and small hydro power on a short-term basis and power has been made operational. Major Utilities in Bharat Energy’s client list for sale/ purchase of Renewable power include Power Company of Karnataka Limited, Distribution utilities of Delhi (BRPL, TPDDL and NDMC), Haryana, and Himachal Pradesh.
