The 35 MW rooftop solar power tender in India's Madhya Pradesh has elicited good response from bidders who have competitively quoted the lowest solar tariff in Indian auctions so far.
- A 35 MW rooftop solar power auction in Madhya Pradesh has discovered lowest tariff of INR 1.58 ($0.022) per kWh
- This is the tariff for which rooftop solar systems will be installed on the premises of Power Grid Corporation of India (PGCIL)
- Highest winning tariff quoted was INR 2.35 ($0.0343) per kWh for which systems will be deployed for government engineering, polytechnic and ITI colleges in MP
- Mercom India Research says even though the tariffs are low, the first-year tariffs in this auction are set to escalate by 3% annually over a period of 25 years
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Rooftop solar tariffs in India have touched a new low, reaching INR 1.58 ($0.022) per kWh. The record tariff was achieved in a 35 MW auction of Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL) for a grid connected rooftop solar system on the premises of Power Grid Corporation of India (PGCIL) under the so-called RESCO model by
The second lowest winning tariff was only a little higher – at INR 1.67 ($0.0243) per kWh for institutions of central government/national importance. The highest winning tariff of INR 2.35 ($0.0343) per kWh was reported for government engineering, polytechnic and ITI colleges in MP, according to Mercom India Research.
Mercom pointed out that though the tariffs look extremely low for this tender that was oversubscribed by over 630%, the first-year tariffs in this auction are set to escalate by 3% annually over a period of 25 years.
Madhya Pradesh aims to install 2,200 MW of rooftop solar PV capacity by the year 2022 (see Madhya Pradesh Approves Rooftop Policy).
The lowest tariff in the present auction is lower than the former record tariff achieved for rooftop solar in July 2017 with INR 2.20 ($0.034) per kWh (see New Record Low Tariff Of 2.20 INR/kWh In India). It is also lower than the INR 2.44 ($0.035) per kWh quoted by ACME Solar for three utility scale solar power projects in the country in the recent past (see 2.44 INR PV Tariff In 2 GW SECI Auction).