After record low solar tariffs were already reached at Rewa and Bhadla Solar Park Phase-IV in the first months of 2017, the tariffs now quoted at Bhadla Phase III park are the lowest ever offered and won in India.
- The 500 MW solar power project capacity at Bhadla Solar Park Phase III has been won by ACME Solar and SBG Cleantech at record low solar tariff levels
- While ACME Solar won 200 MW for 2.44 INR ($0.037) per kWh, SBG Cleantech won 300 MW for 2.45 INR ($0.0377) per kWh
- Other competitors quoted tariff levels as low as 2.46 INR ($0.0379) per kWh and up to 3.18 INR ($0.0490) per kWh
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The Indian solar industry saw another record being broken, with ACME Solar winning 200 MW of the 500 MW capacity tendered at the Bhadla Phase III Solar Park. It has won the capacity for 2.44 INR ($0.037) per kWh, breaking the recent ‘record low tariff’ of 2.62 INR ($0.0405) per kWh (see New Indian Solar Tariff Record At 2.62 INR).
Another 300 MW of the total capacity was won by SBG Cleantech, SoftBank’s JV in India, for 2.45 INR ($0.0377) per kWh. In the 250 MW tender results published recently for the Bhadla Phase-IV, SBG Cleantech had won 100 MW for 2.63 INR ($0.0406) per kWh.
Other competitors in the fray were Hero Solar Energy, ReNew Power, Solairedirect, Aditya Birla Renewables, Lightsource Renewable Energy, Avaada Power of Welspun, among others. These bidders, other than the two winners, quoted tariffs in the range of 2.46 INR ($0.0379) per kWh to 3.18 INR ($0.0490) per kWh.
“We were expecting prices near the Rs.2.65 ($0.041)/kWh mark, same as the Bhadla Phase-IV 250 MW auction, but developers have surprised us. Within a week, we have successfully put thermal behind solar on price,” stated a SECI official to Mercom Capital Group.
This is the third auction result in the current calendar year in India that has seen tariffs going lower than 3.00 INR ($0.0466) per kWh.