750MW Bhadla Solar Park tender oversubscribed by 12 times

Benchmark price is at ~$0.0590/kWh.

The Solar Energy Corporation of India (SECI) has received technical bids totaling more than 8,500 MW for tendered capacity of 750 MW at the Bhadla Solar Park in Rajasthan, according to Mercom Capital Group.

The tender was oversubscribed by 12 times, highlighting the voracious appetite of developers in India to win large-scale solar projects. The SECI tendered 750 MW of solar at a benchmark price of Rs.3.93 (~$0.0590)/kWh.

Here's more from Mercom Capital Group:

The tender for the entire 750 MW had been postponed repeatedly since November 2016. The heightened interest amongst developers can be attributed to the slowdown in tender activity in the solar sector. Tenders above 100 MW have become scarce after the Rewa auction.

With hyper competition and the tender oversubscription, tariffs for these projects are expected to go low again. The recently concluded Kadapa auction witnessed a record low bid of Rs.3.15 (~$0.0487)/kWh for a 250 MW project.

Mercom previously reported that solar capacity of 500 MW would be developed in Bhadla Phase-III Solar Park and 250 MW in Bhadla Phase-IV Solar Park under the National Solar Mission (NSM) Phase II, Batch IV. Once developed, the Bhadla Solar Park will have an aggregate capacity of 2,255 MW.