Competitive appetite for Indian projects remains after RattanIndia bags 50MW Uttar Pradesh project

Facebook
Twitter
LinkedIn
Reddit
Email
Developers are still winning to bid for projects with very competitive tenders. Flickr: Huneycuttaddison

Devona Power Systems, a subsidiary of Indian conglomerate RattanIndia Power, has been awarded a 50MW PV project in Allahabad in the Indian state of Andhra Pradesh by the Solar Energy Corporation of India (SECI).

In a reverse auction process under India’s National Solar Mission, the project was won with a set tariff INR4.43/kWh (US$0.066) alongside viability gap funding (VGF) of INR7.499 million/MW. VGF is a funding mechanism provided by the government of India.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The next closest bidders were Solairedirect Energy India, which bid for a VGF of INR7.5/MW and Indian developer Azure Power, which bid for INR9.52/MW under VGF.

Jasmeet Khurana, associate director, consulting at consultancy firm Bridge to India, told PV Tech: “In IRR terms, this bid is just as aggressive as the other SECI bids that we have seen over the past couple of months. It seems that there is still a lot of appetite left to pick up projects at such competitive levels.”

In February it emerged that RattanIndia Power is planning to use a 324 hectare site in Punjab, which was originally pegged for a thermal power plant, to build a 200MW solar PV project.

The firm has also won 40MW, awarded by SECI, in the state of Maharashtra with a VGF of INR4.9 million.

This article has been revised to say the project is located in Uttar Pradesh.

Read Next

October 8, 2025
Saatvik Green Energy has secured new solar PV module orders worth more than INR7 billion (US$84 million), to be delivered in this financial year.
October 7, 2025
Juniper Green Energy through its subsidiary Juniper Green Sigma Eight has signed a 70MW power purchase agreement with renewable energy giant Tata Power. 
October 6, 2025
Indian infrastructure company focused on rooftop and ground-based solar power installations, PVV Infra has secured solar power orders worth INR7.9 billion (US$90 million) through two of its subsidiaries. 
October 6, 2025
Indian solar developer ACME Group has established a new subsidiary to manage its renewable equipment manufacturing business, under which it is planning to scale production of TOPCon PV modules.
October 6, 2025
Rajasthan government will develop 500MW/2,000MWh of standalone battery energy storage systems (BESS) with a four-hour single-cycle configuration and extended operational life.
October 2, 2025
The Indian solar industry has 86GW and 182GW of solar cell and module manufacturing capacity, respectively, expected to be commissioned by 2027.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK