The 60 MW solar power tender in Cambodia has attracted a bid as low as $0.03877 per kWh, which is the 'lowest power purchase tariff for a solar project so far recorded in Southeast Asia', claimed the Asian Development Bank (ADB) that has been supporting the project.
Launched in February 2019, the 60 MW solar tender had tariffs capped at $0.076 per kWh (see 60 MW Solar Tender In Cambodia).
The lowest bid has come from Prime Road Alternative Company Limited (PRA), which won the tender out of 26 shortlisted bidders comprising several global companies. PRA is part of Thailand based renewable energy group Prime Road Power Public Company Limited.
The 60 MW project is part of a 100 MW National Solar Park Project in the country for which ADB approved a $7.64 million loan to Electricite du Cambodge (EDC), the national electricity utility in May 2019 (see ADB Financing For 100 MW Cambodian Solar Park).
"The record low prices show the power of competition. This is a new era for renewable energy development in Cambodia and the region, and particularly for solar power generation. This is good news for EDC and the people of Cambodia," said the Director of ADB's Office of Public–Private Partnerships, Siddharta Shah. "We believe more governments in the region will adopt auction as a strategy to procure renewable energy generation capacity, and this structure and tariff will serve as a benchmark for future projects."
With EDC facilitating land and transmission access for the solar park in Kampong Chhnang province, it will also purchase power from the facility under a long-term power purchase agreement (PPA) with the private companies.
Another 60 MW solar plant is expected to come online by December 2019 and supply power to EDC. It is developed by local developer SchneiTec Group using JinkoSolar modules (see JinkoSolar Modules For 60 MW Cambodian PV Plant).