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Bhadla solar auction in India draws more record-low bids

13 May 2017

On Wednesday's bidding for the first 250 MW capacity, tariffs quoted had fallen to Rs2.62 per unit, after companies vied for a decreasing quota of new solar power capacity on offer.

India's solar power tariff hit a new low of Rs 2.44 per unit on Friday during the auction of a 500 megawatt (MW) capacity at Bhadla park in Rajasthan.

In the auction conducted by state-run Solar Energy Corporation of India (SECI), Acme Solar Holdings Pvt Ltd and SBG Cleantech placed winning bids of Rs2.44 per kilo-watt hour (kWh) and Rs2.45 per kWh, respectively, to win contracts for the solar park being developed by Infrastructure Leasing and Financial Services Ltd.

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The park is being set up by Saurya Urja Company of Rajasthan Ltd, a joint venture between Rajasthan and IL&FS Energy Development Company Ltd.

Solar power tariffs are tumbling like nine pins in India. However, the latest price levels are particularly significant since they bring solar power below the average purchase power cost (APPC) in India for the second time this week.

A total of 24 bids were made in the auction for 5,500 MW of capacity, newspaper Mint said.

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The bid received overwhelming global response including developers from Finland, France, Saudi Arabia, Singapore and Japan. Acme Solar was one of the successful bidders for Madhya Pradesh's Rewa solar project, wherein it had quoted Rs 3.30 per unit in the auction held in February.

However, the levelised tariff for Rewa project has worked out to be at Rs 3.30 per unit.

Despite concerns being expressed about the sustainability of such low tariffs, these firms have been aggressive in their approach. The results of the Bhadla bidding came a day before power, coal, renewable energy and mines minister Piyush Goyal is to launch the Narendra Modi government's efficient lighting scheme, Ujala, in the UK.

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This is published unedited from the PTI feed.

Bhadla solar auction in India draws more record-low bids