Reasons Behind the Record Low Solar Bid of ₹1.99/kWh in the Gujarat Solar Auction
The recent auction by Gujarat Urja Vikas Nigam Limited (GUVNL) (Phase XI) for 500 MW of solar projects set a new record for the lowest tariff an auction in India of ₹1.99 (~$0.0269)/kWh.
The record low tariff of ₹1.99 (~$0.0269)/kWh was quoted by NTPC Limited for 200 MW, Torrent Power Limited for 100 MW, Al Jomaih and Water Company for 80 MW, and Aditya Birla Renewables for 120 MW respectively.
The tender was floated in September by GUVNL for 500 MW of power from grid-connected solar projects.
The new record came close on the heels of the previous record of ₹2 (~$0.0270)/kWh tariff quoted by Al Jomaih Energy and Water Company and Green Infra Wind Energy Limited, a subsidiary of Sembcorp, for 200 MW and 400 MW of solar projects, respectively.
This auction was held by Solar Energy Corporation of India (SECI) for 1,070 MW of solar projects in Rajasthan (Tranche-III). SECI had received bids from 14 companies for a total of 4,350 MW, leaving the tender oversubscribed by 3,280 MW.
