The price of solar power in India fell to a record low of 3.15 rupees (5 US cents) a kilowatt-hour in a competitive tender where French firm Engie SA's local arm won rights to develop 250 megawatts.
The official said, "Rewa Ultra Mega Solar record of levelised tariff is RS 3.30 which has been broken by NTPC auction today".
The other bidders were Ostra Energy (Rs 3.16), Canadian Solar Energy (Rs 3.39), Greenko Energies (Rs 4.09), Azure Power (Rs 4.38), Mohoba Solar (Rs 4.54) and Mahindra Renewables (Rs 4.68). This was a tariff of Rs 2.97 per kwH in the first year, followed by a five paise escalation every year for 15 years, after which for the next 10 years, the tariff would level off at Rs 3.62 per kwH. The Kadapa bid of Rs 3.15 per kwH, which will remain constant throughout the life of the plant, is thus substantially lower.
IDFC Alternatives is looking to buy First Solar's 200 MW worth of renewable power assets in India at a price valued at around Rs 200 million, the Mint reports.
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Commenting on this Power Minister Piyush Goyal has tweeted, "Clean affordable power for all: Solar achieves another record low of Rs 3.15/ unit (flat rate) during auction in Kadapa, AP by NTPC".
This bids beat the previous record of 3.30 rupees a unit seen in February, when companies got rights to build 750 megawatts in the central India state Madhya Pradesh.
A day after it recommended an average hike of 8% in power tariffs, the Karnataka Electricity Regulatory Commission (KERC) has revised the tariff for all new grid-connected megawatt-scale solar PV plants.
SB Energy, which is a three-way joint venture between Japan's Softbank Group, India's Bharti Enterprises and Taiwanese Foxconn Technology, stated that the solar power plant will supply electricity generated from the plant at a pre-fixed tariff of INR 4.63/kWh ($0.07).
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