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Indian solar tender draws bid of INR 2.97 per kWh

Welspung solar park in Madhya Pradesh. Source: Welspun Renewables.

Feb 13 (Renewables Now) - Solar tariff bids in India have fallen to an unprecedented level of just INR 2.97 (USD 0.044/EUR 0.042) per kWh, according to a top official.

The record-low tariff was offered in a reverse auction in Madhya Pradesh state for the construction of the three-block, 750-MW Rewa ultra mega solar park. The auction was launched by Rewa Ultra Mega Power Ltd, a joint venture between Solar Energy Corporation of India Ltd (SECI) and Madhya Pradesh Urja Vikas Nigam Ltd.

India’s Minister of State with Independent Charge for Power, Coal, New & Renewable Energy and Mines, Piyush Goyal, tweeted the news on Friday.

A senior official told the Press Trust of India (PTI) that the tariff has dropped because of lower capital expenditure and cheaper credit. Local media report that ACME Solar Holdings has bid INR 2.97/kWh for the second 250-MW portion of the park, while Mahindra Renewables and Solenergi Power Pvt Ltd have emerged as winners for the other two blocks with bids of INR 2.979/kWh and INR 2.974/kWh for the first year, respectively.

(INR 10 = USD 1.493/EUR 1.403)

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Ivan is the mergers and acquisitions expert in SeeNews Renewables with a passion for big deals and ambitious capacity plans.

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