Another state-level solar power auction in India has yielded to the continued trend of record-low tariffs.
The Punjab Energy Development Agency (PEDA) recently allocated 500 MW worth of solar PV power plants to five separate developers. All the projects were allocated at less than Rs 6.00/kWh (9.2¢/kWh), the lowest tariffs for any project allocated under the Punjab solar power policy so far.
A total of 18 project developers had submitted bids to develop 1.65 GW against the offered capacity of 500 MW. These included some of the leading project developers from around the world and India. International bidders included Sun Edison, First Solar, and Sky Power, while Indian bidders included Emami Power, Sun Pharmaceuticals, Acme Solar, Welspun Energy, and Azure Power.
Photo Solar, a modules manufacturer, secured rights to develop three projects of 50 MW capacity each for bids between Rs 5.09 and Rs 5.57/kWh (7.8–8.5¢/kWh). Azure Power also landed three projects of 50 MW capacity each for tariffs between Rs 5.62-5.64/kWh (8.7¢/kWh). A lesser-known company, Prayanta, will develop two 50 MW projects at tariffs of Rs 5.80/kWh (8.9¢/kWh) and Rs 5.95/kWh (9.1¢/kWh). Mytrah Energy, a wind energy project developer, will develop a 50 MW project at Rs 5.97/kWh (9.2¢/kWh), and Hindustan Clean Energy will develop a 50 MW project at Rs 5.98/kWh (9.2¢/kWh).
In 2013, Punjab allocated 250 MW solar PV capacity at a lowest bid of Rs 7.67/kWh (11.8¢/kWh). The state is planning to add 2 GW of solar power capacity over the next few years, including utility-scale as well as rooftop projects. The state’s solar power policy also includes a target to set up 1 GW capacity over canals.
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