Solar power tariff drops to historic low at Rs 2.44 per unit

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Solar power tariffs in India have plunged to a new low of Rs 2.44 per unit, continuing the free fall in the cost of green energy after Acme Solar Holdings and SBG Cleantech, the joint venture of SoftBank, Foxconn and Bharti Enterprises, won the latest auction for 500 megawatt of projects in Rajasthan.

Acme Solar won 200 mw with the record low bid, while SBG Cleantech bagged 300 mw quoting one paisa higher in the latest auction in which many Indian and international firms competed intensy

The auction highlights India’s success in rapidly expanding renewable energy capacity at a low cost, and attracting ambitious bids from reputed companies from many countries including Japan, Taiwan, South Africa, France, Singapore, USA, and Finland in various auctions.

Solar tariffs have plummeted in recent weeks. The latest auction, conducted by the Solar Energy Corp of India for the Bhadla Solar Park, betters the previous record of Rs 2.62 per unit quoted just a few days ago by South African solar heavyweight Phelan Energy Group and local player Avaada Power. SBG Cleantech also won 100 mw in that auction for projects at the adjoining Adani Renewable Energy Park. Before that, the lowest tariff had been Rs 3.15 per kwH, arrived at during an NTPC auction of 250 mw at the Kadapa Solar Park in Andhra Pradesh on April 13 this year.

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