Solar bids in India’s Rajasthan near record low as 16 developers go below five rupees

Facebook
Twitter
LinkedIn
Reddit
Email
Mahindra Susten and Shapporji Pallonji's latest solar bids are one rupee off the previous India record low of INR 4.34/kWh. Flickr: Christian Haugen

The latest Indian solar auction has seen wining tariffs return to extreme lows at INR 4.35/kWh (US$0.065) for 130MW of PV in the Indian state of Rajasthan.

The auction, held by the largest Indian utility NTPC, was for capacity outside solar parks and the three successful players were all Indian firms.

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

Developer Bid (INR/kWh) Capacity (MW)
Shapoorji Pallonji 4.35 50
Mahindra Susten 4.35 60
Adani 4.36 20

However, a total of 16 developers were all willing to put in bids below five rupees per unit. Tariffs below five rupees have divided industry commentators over the last six months as they speculated over just how bankable and viable such projects are. Nevertheless, the lowest ever solar bid in India from Finland’s Fortum Finnsurya Energy at a price of INR4.34/kWh was also in Rajasthan, although this was in a solar park.

Jasmeet Khurana, associate director, consulting, Bridge to India, told PV Tech: “This was an NTPC [auction] so it was expected that it would be aggressive.”

NTPC is seen as by far the most reliable Indian off-taker in a country where Distribution Companies (Discoms) are waylaid with debt. However, Khurana said the latest bids were still slightly lower than expected.

Recent India bids for Solar Energy Corporation of India (SECI) tenders have seen slightly higher tariffs due to SECI being seen as a less reliable off-taker than NTPC.

Referring to the new capacity being outside solar parks, Khurana said that there is a difference in terms of risk perception; meanwhile, in terms of cost, a solar park in Rajasthan might even be a little more expensive.

Read Next

July 11, 2025
Indian independent power producer (IPP) Juniper Green Energy has commissioned an additional 71MWp at Chapalgaon Solar Project in Solapur, Maharashtra.
July 9, 2025
Indian solar water pump and motor manufacturer Shakti Pumps has successfully raised INR2.9 billion (US$34.1 million) to build a solar cell and module manufacturing plant.
July 8, 2025
German solar glass manufacturer Glasmanufaktur Brandenburg (GMB) has filed for insolvency after posting monthly losses of €900,000 this year.
July 8, 2025
Energy consultancy JMK Research has forecast 28.3GW of utility-scale and residential solar PV to be installed in India during fiscal year 2026.
July 8, 2025
SJVN Green Energy has commenced commercial operations of 100.02MW from its 1,000MW solar power project in Bikaner, Rajasthan.
July 7, 2025
ReNew has received a non-binding final acquisition offer from a consortium at US$8 per share, which is 13.2% more than their earlier offer.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK