500 MW UPNEDA Auction’s Lowest Bid: INR 3.71/kWh

• UPNEDA has announced the results of a 500 MW auction it retendered after scrapping a 1 GW auction for higher tariffs, according to Mercom India Research
• Maheshwari Mining and Energy & NTPC Limited (RE) quoted the lowest tariff of INR 3.17 ($0.043) per kWh to win 20 MW and 140 MW, respectively
• Winning tariffs ranged between INR 3.17 to INR 3.23 ($0.0428 to $0.436) per kWh

The Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) has received the lowest bid of INR 3.17 ($0.043) per kWh for its 500 MW solar power tender. According to Mercom India Research, Maheshwari Mining and Energy and NTPC Limited (RE) won 20 MW and 140 MW, respectively for the same L1 tariff.

NTPC Limited won another 20 MW with a bid of INR 3.21 ($0.043) per kWh, while Maheshwari Mining grabbed 20 MW more for INR 3.19 ($0.0431) per kWh.

Adani's Mahoba Solar, Sukhbir Agro Energy, Talettutayi Solar of SolarArise, EDN Renewable Jasmin were some of the other winners. Giriraj Renewables quoted INR 3.23 ($0.0436) per kWh for 300 MW capacity but won only 50 MW.

Overall, winning tariffs ranged between INR 3.17 to INR 3.23 ($0.0428 to $0.436) per kWh.

UPNEDA had floated a 1 GW solar power tender in January 2018 which it annulled in July 2018 due to higher tariffs received. The lowest winning bid back then was INR 3.48 ($0.0506) per kWh, offered by Adani's Mahoba Solar and Maheshwari Mining & Energy (see 1 GW PV Auction Scrapped In India).

UPNEDA then retendered 500 MW in July 2018.