Multinational developers are winning solar projects in India by bidding at extremely low tariffs to make a beginning in the Indian market, but with little appetite to bid at the same low levels again, according to a prominent industry figure.
Indian conglomerate Adani Group and solar developer Azure Power have both been awarded 50MW of capacity with winning bids of INR 4.78/kWh (US$0.07) in the 100MW solar auction in the Indian state of Uttar Pradesh.
A consortium of Spain-based solar firm Solarpack and US company Think Energy Partners will build six PV projects totalling 100MW capacity in the Indian state of Telangana.
The International Solar Alliance (ISA), spearheaded by India, is about to take shape with Indian prime minister Narendra Modi and French president Francois Hollande due to lay a foundation stone for the new ISA headquarters in Delhi on 25 January.
India’s government has approved significant amendments to the nation’s power ‘Tariff Policy’, including increasing the Renewable Purchase Obligation (RPO) to 8% for solar energy by March 2022.
Neyveli Lignite Corporation (NLC), an Indian state-owned mining and power company, is tendering for 260MW of grid-connected solar PV capacity in two Indian states.
India’s fifth largest private sector bank YES Bank plans to list a Green Bond of up to US$500 million on The London Stock Exchange by December this year.
India’s fiercely competitive solar auctions have driven bids down to another surprise low with Finland-based developer Fortum Finnsurya Energy winning 70MW capacity in Rajasthan at a price of INR4.34/kWh (US$0.064), which is a drop of more than a 6% from the previous Indian record of INR4.63/kWh.
A consortium between India-based integrated utility and solar developer Essel Infra and China-based PV material manufacturer Golden Concord Holdings (GCL) has signed a memorandum of Understanding (MoU) with the Andhra Pradesh government to invest US$2 billion in developing 5GW of module manufacturing capacity by 2020 in the Indian state.
India crossed the 5GW mark for installed solar capacity this week, according to the latest figures from the Ministry of New and Renewable Energy (MNRE).
