According to Bloomberg, Alex Green Energy has won the bid to develop a 5MW solar project in India’s eastern Odisha state. The company vouched to supply power at a record-low rate and, according to a statement from PK Mohan, CEO of Odisha Renewable Energy, has the option to develop the remaining 20MW of PV capacity from the solar auction before it is offered to other bidders.

Rules of the solar auction govern that Alex Green must complete the project by August 2013. The company bid pledges to sell power to the state-run utility at US$142/MWh, which is, according to Bloomberg, the lowest bid in India to date.

Odisha Renewable Energy is awaiting approval from the state government to auction another 50MW of solar installations. The capacity will be offered in two batches of 25MW in the next few months.