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Andhra Pradesh solar park sees lowest bid at Rs 2.7 per unit

Thursday, 12 Jul 2018
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Three companies backed by global financiers have bagged tenders to build 750 MW of solar power projects in Kadapa, Andhra Pradesh.

The reverse auction process saw bid placed at Rs 2.7 a unit. The reverse auction for 2,000 MW capacity discovered tariff of Rs 2.44 per unit, which matched the lowest ever rate that was found in May 2017 for Rajasthan’s Bhadla projects.

SoftBank’s SB Energy and UK private equity firm’s Sprng Energy won tenders for 250 MW each for Kadapa projects by quoting the lowest tariff of Rs 2.70 a unit.

Ayana Renewable Power, which is backed by the UK government’s CDC Group was awarded the remaining 250 MW capacity for Rs 2.71 a unit.

The auction was conducted by the Solar Energy Corporation of India (SECI), which will sign 25 year power purchase agreement (PPA) with these firms and sell the electricity to various state-owned distribution companies.

Solar Energy Corporation of India Ltd.
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