India: ACME Solar wins 600 MW project at lowest ever Indian tariff

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This is the lowest the solar tariff ever recorded in India, with tariffs falling to Rs. 2.44 per unit just once before in May 2017 under the SECI auction for the Bhadla Solar Park.

In comparison, the highest tariff ever reached in India was Rs. 3.54 per unit in an 860 MW auction held across different talukas (administrative divisions) of Karnataka, by the Karnataka Renewable Energy Development Ltd (KREDl) this February.

Earlier this year, SECI invited solar tenders with a cumulative capacity of 2,000MW to be connected directly to the Inter State Transmission System (ISTS), and executed at any location in India.

Of the 2,000 MW capacity, Azure Power also won a 600 MW project at Rs 2.53 per unit. The other auction winners include: Shapoorji Pallonj (250 MW at Rs 2.52 per unit), Hero Solar and Mahindra, with 250 MW, each, at Rs 2.53 per unit; and Mahoba Solar for 50 MW at Rs 2.54 per unit.

ReNew Power and Fortum missed out on being awarded any capacity, with per unit bids of Rs 2.56 and 2.76, respectively

With this 600 MW project in hand, ACME’s portfolio now exceeds 3.8 GW of solar PV installations across India with an operational capacity of 1.7 GW, and 2.1 GW solar projects at different stages of development. The company aims to generate 7,500 MW by 2022.