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

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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

Read Next

July 12, 2024
Canadian asset owner Brookfield has acquired a majority stake in Indian clean power company Leap Green Energy in a US$200 million equity investment.
July 9, 2024
Indian EPC firm Larsen & Toubro has secured contracts to build two solar PV plants in the Middle East with a combined capacity of 3.5GW.
July 5, 2024
India is still facing several challenges to increase its installed solar capacity, including financing and grid infrastructure. 
July 4, 2024
Dubai-headquartered renewable energy developer Jakson Green has signed a power purchase agreement (PPA) with the state-run utility National Hydroelectric Power (NHPC) for the output of a 400MW solar PV project in India.
July 2, 2024
The World Bank has committed US$1.5 billion to support India’s renewable energy transition, including new renewable power generation capacity.
June 26, 2024
Waaree Energies will supply modules for Juna Renewable Energy’s 412.5MWp project currently under construction in India.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile