Greenko Group with 900 mega watts (MW) and Renew Power with 300 MW have bagged Solar Energy Corporation of India's (SECI) reverse auction for the world’s largest renewable energy-cum-storage power purchase tender. 

The tender for 1200 MW, with 600 MW assured supply for 6 hours daily during peak demand hours, was oversubscribed. The project requires a storage capacity that includes pumped hydro and battery of about 3000 MW, and renewable energy generation capacity.

The renewable power generated from these tendered projects is expected to meet the peak requirements of the distribution companies. 

Greenko emerged the lowest bidder in the reverse auction, at a tariff of Rs 4.04/kWh for 900 MW contracted capacity from its pump storage projects. The peak tariff quoted was Rs 6.12/kWh.

Renew Power won the auction for 300 MW capacity at Rs 4.30/kWh with a peak tariff of Rs 6.85/kWh. 

The Discoms will be able to meet their renewable power purchase obligation at a fixed price. The Union Power Ministry has mandated all Discoms to purchase at least 21 per cent of their total energy requirements from renewable energy sources by 2021-22.