Uttar Pradesh 500MW solar auction draws tariffs above 3 rupees

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Credit: HoneyCuttaddison

The Indian state of Uttar Pradesh has drawn lowest bids of more than 3 rupees per unit for its latest 500MW solar auction, but these were still significantly lower than tariffs from its 1GW auction that was annulled over the summer.

Maheshwari Mining and Energy alongside Indian power giant NTPC both quoted the lowest bids of INR3.17/kWh (US$0.043) this week. The results were as follows:

Bidder Capacity (MW) Tariff (INR/kWh)
Maheshwari Mining and Energy 20 3.17
NTPC 140 3.17
Maheshwari Mining and Energy 20 3.19
Mahoba Solar (Adani) 50 3.19
Sukhbir Agro Energy 50 3.20
Talettutayi Solar (SolarArise) 50 3.21
NTPC 20 3.21
EDEN Renewable Jasmin 50 3.21
Mahoba Solar (Adani) 50 3.22
Giriraj Renewables 50 3.23

Giriraj Renewables had bid for 3x100MW projects at tariffs ranging from INR3.23-3.24/kWh, but it was only awarded 50MW.

Back in July, Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) annulled a 1GW solar auction that it had held earlier in the month and retendered just 500MW of PV capacity. The cancelled 1GW auction had attracted winning bids of between 3.48-3.55 rupees.

Uttar Pradesh distribution companies (Dicoms) are amongst the worst rated in the country, which affects how low bidders can go.

Madhya Pradesh rooftop record

In other news, the state of Madhya Pradesh has achieved a record low in India, with a INR1.38/kWh tariff for central government buildings in its 8.6MW rooftop solar auction, although a high level of subsidy was included.

Rewa Ultra Mega Solar Limited (RUMS) has also tendered 1.5GW of solar be developed across three solar parks, after the success of its 750MW Rewa Solar Park venture.

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