Setting New Benchmarks, India’s Rewa Solar Park Bidding Achieves A Record Low of Rs 2.97 a unit

The three companies submitted the lowest bids from a lot of 20 bidders, both national and international, who had initially submitted their proposals to develop the Rewa solar park in Madhya Pradesh. The bids had closed on January 23.

Setting New Benchmarks, India’s Rewa Solar Park Bidding Achieves A Record Low of Rs 2.97 a unit

 

Anupama Airy

A new record has been set in India’s solar story that witnessed a historic tariff of Rs 2.97 a unit in the reverse bidding process for the 750MW Rewa solar park in the Indian state of Madhya Pradesh.

The 750 mw Rewa solar park has three units of 250 mw each. The reverse bidding process for the solar park in Madhya Pradesh saw record first year low tariffs by the bidding companies.

While Mahindra emerged the successful bidder for Unit-1 and submitted the lowest first year tariff at Rs 2.979 a unit, Acme Solar bid further low for the second unit of Rewa at Rs 2.970 a unit and Solenberg bid the lowest first year tariff of Rs 2.974 for the third unit of Rewa.

“India marches on towards realising the clean energy vision of PM Narendra Modi. First year solar tariff bids at record low of Rs 2.97/unit,” power, coal, renewable energy and mines minister Piyush Goyal tweeted today.

Officials clarified that to this tariff, there would be 5 paise escalation for 15 years and 33 paisa will be added for the levelised Tariff.

“On the occasion of winning 250 MW capacity in RUMS tender at REWA, Madhya Pradesh, we would like to thank Government of India along with their entities and MNRE for creating an enabling atmosphere and positive environment for Solar Power Developers to be able to create values to all the stakeholders,” said Manoj Kumar Upadhyay, Founder & Chairman, ACME Group.

The three companies emerged winners from a lot of 20 bidders, both national and international, who had initially submitted their proposals to develop the Rewa solar park in Madhya Pradesh. The bids had closed on January 23.

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Rewa ulta mega solar, a 50:50 joint venture of Madhya Pradesh Urja Vikas Ltd and Solar Energy Corp of India will sell the electricity produced to Madhya Pradesh utilities and Delhi Metro Rail on an open access basis.

“This is going to be the first time in the history that the tariff of electricity based out of Solar Power Plants is going to be at sub 3 level. We are sure that once this plant gets operationalized after 18 months, it would be engineering marvellous,” added Upadhyay.

Anupama Airy
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Anupama Airy

Founder and Editor at EnergyInfraPost
Independent Journalist and Energy Expert.​ (Worked with leading mainline financial and national daily for 23 years.​)​ Also, Guest Contributor with busines​sinsider.in
Currently, Writing a Book for Penguin India Titled Greased Pole:How Politics and Lobbying Stifled India’s Energy Dreams. The author can be reached on anupama.airy@gmail.com (9810661825)​
Anupama Airy
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