The solar revolution in India marches on, with renewed momentum, if the recently concluded reverse bidding auction for a 750 MW Solar Park in Madhya Pradesh is any indication.
While the rest of the world watched in disbelief, Mahindra Renewables Pvt. Ltd., Acme Solar Holdings Pvt. Ltd. and Sweden’s Solenergi Power Pvt. Ltd. successfully bid Rs 2.979/kWh, Rs 2.97/kWh and Rs 2.974/kWh to build 250MW plants each. These bids are the lowest in the history of solar tariffs in India. The previous lowest bid was Rs 4.34/ kWh for a 70 MW unit in Rajasthan.
Chinese module manufacturers dropped module prices to less than Rs 20 per watt (30 cents) because of oversupply in the market. Reports say that manufacturers are selling below cost. With major manufacturers already having preferential rates for the Indian market, it is unlikely that module prices.
The remarkably low tariffs discovered in this auction will have far-reaching implications for the country’s solar landscape. With both international and domestic investors looking.. Read More…