Solar tariffs offered in the first round of the 750 MW solar PV tender for the Rewa project have gone down to 3.59 INR ($0.053) per kWh. This is the financial bid round, the final reverse auction is scheduled to take place on February 9, 2017.
Media reports suggest Green Infra Wind Energy Limited has offered $0.053 to develop 250 MW capacity. The other bidders with the lowest tariffs are Solenergi Power Private Limited, which has offered to develop 500 MW capacity for a tariff of 3.62 INR ($0.054), and Cleantech Seven Limited, which has bid for the entire 750 MW capacity for a total of 3.64 INR ($0.054) per kWh.
Only five companies have quoted a tariff of above 4.00 INR ($0.0595) per kWh, and out of those two have been rejected, and won't be eligible for the next round of reverse auction.
The Rewa Ultra Mega Solar (RUMS), a joint venture between the state government and the Solar Energy Corporation of India Limited (SECI) had invited bids for the park. It had divided the entire capacity intro three units of 250 MW each. The tender saw at least 20 bidders participating, with some of the big Indian PV players, such as SoftBank and Adani bidding for the entire 750 MW capacity (see Big Interest In Big 750 MW Tender In India).
Earlier this year, Bridge to India estimated that the Rewa solar project is likely to fetch solar tariffs substantially below 4.00 INR per kWh (see Record Low Tariff Expected For Rewa Solar Project).
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