Competitive Bidding At India’s Solar Auction Keeps Tariffs Under US¢7.2/kWh

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Originally published on CleanTechies.

Indian and international project developers continue to fight it out in one of the fastest growing solar power markets in the world.

The recent solar power auction in the Indian state of Karnataka saw some of the most competitive bidding in recent times. The auction allocated 500 MW of capacity in the planned 2 GW solar power park as part of the ambitious ultra mega solar power project scheme announced by the Indian government.

A total of 6 developers managed to win rights to develop the first phase of the solar power park. The winning bids were all within a range of less than one US cent. The winning bids were between Rs 4.78/kWh to Rs 4.80/kWh (US¢7.2/kWh).

Interestingly, 5 of the 6 project developers were Indian companies, while many major foreign developers, including SunEdison and Canadian Solar, failed to make the cut.

Among the successful bidders, Adani Enterprises, Fortum Group (from Finland), ACME Solar, and Tata Power secured 100 MW project each, while RattanIndia Power and ReNew Power Ventures won 50 MW projects each.

Such a positive response to one of the first auctions under the ultra mega solar power scheme is very encouraging for the Indian government. The scheme is one of the mainstays of the Indian National Solar Mission, which aims for 100 GW operational solar power capacity by March 2022.

The continued and active participation by Indian developers is also a testament to the fact that it is not just the foreign developers which are propelling the low-cost solar power revolution in India.

Reprinted with permission.

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An avid follower of latest developments in the Indian renewable energy sector.

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