India’s solar tariff hits a new record low

15/02/2017 11:12 Solar

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In the recently completed 750 MW Rewa Solar Park auction in Madhya Pradesh in India, bids hit a new record low of Rs.3.30 (~$0.494)/kWh (levelized tariff over 25 years), over a rupee lower than the previous low tariff of Rs.4.34 (~$0.065)/kWh, which was registered in the state of Rajasthan in January 2016.

The winning bid reached a new low of Rs.2.97 per kWh (~$0.0444)/kWh and will increase by Rs.0.05 (~$0.0007) over 15 years.

After an exhausting bidding process that lasted for more than 32 hours, contracts to build and operate the upcoming 750 MW Rewa ultra mega solar park in Madhya Pradesh were awarded to Mahindra Renewables, Acme Solar Holdings and Solenergi Power. The companies won the contract for the final levelized tariff of Rs.3.309, Rs. 3.30 and Rs. 3.304 respectively — the lowest for any solar park in the country till now.

 

Such low tariffs will help the government’s solar energy drive, which is aimed at reducing dependence on thermal power and cutting greenhouse gas emissions to meet India’s commitments within the United Nations Framework Convention on Climate Change (UNFCCC).

 

The solar park should be complete by April, 2018.

 

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