Solar tariffs edge up in 500-MW Gujarat auction

Solar plant in India. Source: NTPC. License: All rights reserved.

March 30 (Renewables Now) - Winning bids in the latest solar auction in the Indian state of Gujarat came in at INR 2.20 (USD 0.03/EUR 0.026) per kWh, up from the record low for India of INR 1.99 per kWh recorded three months earlier, according to an analysis by Indian consultancy JMK Research.

Four companies quoted the lowest bid in the 500-MW Tranche XII tender by state power utility Gujarat Urja Vikas Nigam Ltd (GUVNL) that was launched in January. NTPC Ltd (BOM:532555) secured 150 MW, Sprng Energy won 120 MW, Coal India Ltd (BOM:533278) 100 MW and a subsidiary of Tata Power Co Ltd (BOM:500400) got 60 MW. SJVN Ltd (BOM:533206) offered INR 2.21 per kWh and was awarded 70 MW of the 100 MW it bid for.

The auction drew robust interest as it was slightly oversubscribed by about 510 MW. The winning projects should be commissioned within 18 months from the signing of the power purchase agreements (PPAs).

The latest tender is the first after the announcement of a basic customs duty of 40% on imported solar modules and of 25% on imported solar cells that will start being levied on April 1, 2022, JMK Research noted last week.

The record low solar tariff of INR 1.99 per kWh was achieved in a previous GUVNL auction in December 2020.

(INR 100 = USD 1.372/EUR 1.165)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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