Acme bags 2.44 rupee hat-trick in 3GW Indian solar auction

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Manoj Upadhyay, founder and chairman, ACME Group. Credit: Solar Media

Indian firm Acme Solar has matched its record – the lowest ever solar bid in India – once again during Solar Energy Corporation of India’s (SECI) 3GW Interstate Transmission System (ISTS) solar auction.

The firm is set for 600MW of capacity at a price of INR2.44/kWh (US$0.036), a tariff with which it bagged 600MW of capacity in the recent 2GW ISTS solar auction from SECI and 200MW in Rajasthan in May 2017, the first time such a low tariff had been reached in India.

Other results in the 3GW auction were as follows.

Bidder Tariff (INR/kWh) Capacity (MW)
Acme 2.44 600
Azure Power 2.64 300
Rutherford Solarfarms (Canadian Solar) 2.70 200
Mahoba Solar 2.71 300
ReNew Power 2.71 500
SBG Cleanteach 2.71 1,100 (bid for 1,800)

Mahindra, Mytrah, Tata Power, Hero Future Energies and Sprng all lost out with bids ranging from 2.72-2.90 rupees.

Technical bids totaling 5.1GW were received against the tendered capacity of 3GW by 12 companies.

“We are excited to win this project and consistently offering most competitive tariff, this project will encourage us in our endeavour to bring green energy in the country,” said Manoj Upadhyay, founder and chairman, ACME Group. His firm also won capacity in the 1GW Uttar Pradesh auction this week.

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