, India

India hits another record low bid for a solar project

This is for a solar park at Rewa.

India has beaten its own record, according to the Institute for Energy Economics and Financial Analysis. The three winning bids for the 750MW auction, by Mahindra Renewables, Acme Solar, and Solenergi Power, came in at below Rs2.97-Rs2.979/kWh. Bidding opened at Rs3.59-3.64/kWh.

The results, for rights to develop the world’s biggest solar power park in the world’s second-most populous country, are momentous.

Here's more from IEEFA:

They pave the way for truly epic solar development in India, where Prime Minister Narendra Modi—just two years in power—is intent on forging an electricity-sector transformation that may well serve as a core model for much of the rest of the world, emerging markets especially.

It’s an historic event, and it brings to mind what at the time was a record low bid a year ago by Fortum, the Finnish electricity company that won a 75MW project in India Rs4.34/kWh bid. That beat the previous record low by 25 percent.

Skeptics—and there were many—considered that event an aberration..

“It can’t be replicated,” went the conventional wisdom. “It’s not commercial, it’s not viable, it won’t be repeated.”

The bids this week, for a solar park at Rewa, have not only proven otherwise, they signal momentum toward the government’s new draft National Energy Plan, which calls for a fivefold expansion to 258GW of renewable capacity by 2027. That program would diminish thermal power’s share of electricity capacity to 43 percent from 66 percent today.

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Southeast Asia at the forefront of coal phase-out in power plants
Amidst the challenges of eliminating coal in the region’s energy mix, ASEAN Taxonomy Board paves way for sustainable financing for phase-out.
Power Utility
SMRs may deliver their climate promise too little, too late 
As these nuclear reactors are still in development, their wide deployment is unlikely, analysts say. 
How grid enhancements can ignite Malaysia's solar energy boom
Experts warn that grid enhancements will be crucial for the solar energy mix, which accounted for 18% of the country's RE.