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Solar power tariffs fall to 2.62 per unit
India’s solar power tariffs fell to a new low of Rs 2.62 per unit during the auction of a 250 MW capacity at Bhadla in Rajasthan.
New Delhi: India’s solar power tariffs fell to a new low of Rs 2.62 per unit during the auction of a 250 MW capacity at Bhadla in Rajasthan.
South Africa’s Phelan Energy Group and Avaada Power bid Rs 2.62 per kilowatt-hour (kWh) to win contracts to build capacities of 50MW and 100MW, respectively, at Adani Renewable Energy Park Rajasthan Ltd.
SBG Cleantech bid Rs 2.63 per kWh to construct a 100MW capacity, said a person associated with the auction process, requesting anonymity.
This price is lower than the average rate of power generated by the coal-fuelled projects of India’s largest power generation utility, NTPC Ltd, at Rs 3.20 per unit.
“Another milestone towards PM @narendramodi’s vision of clean affordable power for all: Bhadla Solar Park achieves tariff of Rs2.62/unit,” Piyush Goyal, India’s minister for new and renewable energy, power, mines and coal, said in a tweet.
India’s solar power generation capacity has increased by a third to 10,000 MW from 2,650 MW as of 26 May 2014.
SBG Cleantech is a joint venture between Japan’s SoftBank Group Corp, India’s Bharti Enterprises Ltd and Taiwan-based Foxconn Technology Group. The venture was set up in June 2015 after SoftBank Corp’s Masayoshi Son pledged to invest at least $20 billion in solar energy projects in India.
Avaada Power is promoted by Vineet Mittal and is his second innings in India’s clean energy space after Tata Power Co Ltd bought the entire 1.1 gigawatt (GW) renewable energy portfolio of Welspun Energy Ltd for $1.4 billion last year.
