Solar power tariffs in India have gone down again – to 2.62 INR ($0.0405) at the Bhadla Solar Park in Rajasthan. This beats the previous record low of 2.97 INR ($0.044) per kWh at the Rewa Ultra Mega Solar Park (see Record Low Tariff Of 2.97 INR/kWh In India).
For the 250 MW solar power capacity at Bhadla Solar Park Phase IV, the Solar Energy Corporation of India (SECI) has awarded the entire capacity to three winning bidders. While Phelan Energy Group won 50 MW, Avaada Power Pvt. Ltd. won 100 MW, both for 2.62 INR ($0.0405) per kWh. SBG Cleantech – Softbank's JV in India with Bharti Enterprises and Foxconn – won 100 MW for 2.63 INR ($0.0406) per kWh.
SBG Cleantech only recently commissioned its first solar power capacity won in an auction in India, located at Ghani Sakunala Solar Park in Andhra Pradesh (see SoftBank's Indian JV Commissions 350 MW).
The three winners beat big Indian solar names in the tender, including ReNew Solar, Azure Power, IL&FS Energy, ACME Solar, Mahindra Renewables, among others.
SECI had set the base price of 3.01 INR ($0.0465) per kWh for the Bhadla Phase IV auction, as per Mercom Capital Group. The market intelligence firm had reported earlier that the entire 750 MW capacity at Bhadla tendered by SECI (divided between two capacities of 500 MW and 250 MW) was oversubscribed 12 times (see 8.5 GW Technical Bids For 750 MW SECI Tender).
The Bhadla Solar Park has previously set India's record low tariff of 4.34 INR ($0.0671) per kWh back in January 2016, when Fortum won a 70 MW project in this park, which it recently brought online (see Fortum Commissions 70 MW In India).