India has set another new low benchmark for solar power tariffs, with French firm Solairedirect securing a 250 MW tender in Andhra Pradesh with a winning bid of INR 3.15/kWh ($0.0486/kWh).
The project was tendered by India’s National Thermal Power Corporation (NTPC) at the Kadapa Solar Park, reports Mercom Capital Group, and will have a 13-month completion timeframe from the date at which the power purchase agreement (PPA) is signed.
This record low price was confirmed by Indian energy minister Piyush Goyal, who tweeted: “Clean affordable power for all: solar achieves another record low of INR 3.15/unit (flat rate) during auction in Kadapa, AP by NTPC.”
An NTPC official expressed surprise at the low tenders, stating that they were expecting prices closer to INR 3.50 ($0.054)/kWh. Instead, Solairedirect’s bid led a competitive field that also included tariffs below the INR 4 mark lodged by Canadian Solar and Ostro Energy. The highest tariff – lodged by Mahindra Renewable Private Limited – was INR 4.68 ($0.0723)/kWh.
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