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India’s latest 2-GW wind auction lures bids of USD 39/MWh

Sembcorp's wind power assets in India. Source: Sembcorp.

April 6 (Renewables Now) - State-run Solar Energy Corporation of India (SECI) on Thursday held a 2-GW wind power auction that attracted bids as low as INR 2.51 (USD 0.039/EUR 0.032) per kWh, and resulted in several 300-MW awards, local media report.

A total of eight winners emerged, half of which are foreign companies bidding through local subsidiaries. The Economic Times (ET) said that units of Singapore-based Continuum Wind Energy Ltd, Actis LLP, Italy’s Enel SpA (BIT:ENEL) and France’s Engie SA (EPA:ENGI) won 250 MW, 300 MW, 280 MW and 200 MW, respectively, at the lowest tariff. Enel eventually announced it has secured 285 MW in the auction.

The infrastructure arm of Indian wind turbine maker Inox Wind Ltd (BOM:539083) and Adani Green Energy each bid INR 2.51/kWh as well, and were awarded 100 MW and 300 MW, respectively. On the other hand, local renewable power producer Mytrah Energy Ltd (LON:MYT) and ReNew Power offered a tariff of INR 2.52/kWh and won 300 MW and 270 MW, the ET said.

A SECI official told Mercom Capital that the letters of award (LoAs) will be issued soon, while power purchase agreements (PPAs) will be signed two months after the awards.

As unveiled in February, SECI’s previous 2-GW wind auction resulted in bids as low as INR 2.44/kWh. Before that, in December 2017, wind tariffs in India fell to a record low of INR 2.43/kWh in a 500-MW auction held by Gujarat Urja Vikas Nigam Ltd (GUVNL).

(INR 10 = USD 0.154/EUR 0.126)

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

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