• Mercom India Research says SECI’s 1.2 GW ISTS connected solar power tender launched in January 2019 has secured lowest bid of INR 2.55 ($0.0359) per kWh
  • ReNew Power quoted this bid to secure 300 MW capacity, out of 1.2 GW offered
  • Lowest and highest bids ranged between INR 2.55 ($0.0359) per kWh to INR 2.61 ($0.0367) per kWh

The Solar Energy Corporation of India’s (SECI) tender for 1.2 GW of Interstate Transmission System (ISTS) connected solar power projects in the country has received the lowest bid at INR 2.55 ($0.0359) per kWh from ReNew Power for 300 MW of the lot, according to consultancy Mercom.

The second lowest bid came from Azure Power that won another 300 MW for INR 2.58 ($0.0363) per kWh. EDEN Renewables and SBSR Power Cleantech Eleven Private Limited of SoftBank won 300 MW each by quoting INR 2.60 ($0.03666) per kWh and INR 2.61 ($0.0367) per kWh, respectively.

SoftBank bid for 600 MW, but had to settle with 300 MW eventually.

While official word from SECI is yet to come, the agency should be happy with the results as it capped tariffs at INR 2.65 ($0.038) per kWh when it launched the tender in January 2019 (see SECI Issues RFS For 1.2 GW Solar Tender).

A recent auction conducted by Gujarat Urja Vikas Nigam Ltd (GUVNL) too received the lowest bid at the same level of INR 2.55 per kWh for its 500 MW solar capacity. Paryapt Solar, a special purpose vehicle of UPC Solar bid this tariff for 50 MW capacity (see Gujarat 500 MW Auction Gets INR 2.55/kWh Lowest Bid).