SoftBank Energy Cartelised To Jack Up Solar Tariffs: Minister

SoftBank Energy Cartelised To Jack Up Solar Tariffs: Minister

The Union Ministry of Power has accused SoftBank (SB) Energy of attempting to cartelise and drive up solar power tariffs at the 3,000 MW solar auction in July.

In a letter to the Prime Minister’s Office, the NITI Aayog Vice-Chairman, and the Finance Minister, Minister of State (Independent Charge) for Power and New & Renewable Energy, RK Singh, said: “It is apparent that there was an attempt for cartelisation. Such a thing has never happened earlier.”

The Minister was responding to a query on the rejection of SB Energy’s bid. The Centre had rejected most bids that were called by the Solar Energy Corporation of India (SECI) for developing 3,000 MW of solar power generation projects earlier this year. This resulted in the first ever case of partially cancelling a tender for developing solar power generation projects. Thus, the winning bids for 2,400 MW of the 3,000 MW were cancelled. Only Acme Solar, which won a bid for 600 MW, by quoting the lowest tariff of ₹2.44 a unit, was awarded a project. Read more

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