Solar Power Rate Touches Record Low

Auction for world’s biggest solar power park in Rewa saw per unit tariff coming down to as low as Rs 2.99 per unit.

Solar power rate touched a record low in Madhya Pradesh with per unit tariff coming down to as low as Rs 2.99 per unit. Auction for world’s biggest solar power park in Rewa district of the state received the lowest bids for all three units till 11.30 pm was Rs 3.13 per unit.

Eighteen bidders, including 5 foreign firms, are participating in auction. The solar power project will be given to developer that offers lowest bids.

The unit-wise base prices at which the auction started was Rs 3.59 for first unit, Rs 3.61 per unit for second unit and Rs 3.62 per unit for the third unit. Within hours, the rates became lower than Rs 3.23 per unit. The entire team of officials of Madhya Pradesh Urja Vikas Nigam was present at meeting hall of Nigam since 10 am, keeping a close eye on auction on a big screen. Sources said as the auction did not stop and bidders continued to bid. The auction is expected to continue till late in night. Arrangements for taking rest were also made.

Earlier 20 bidders, both national and international, submitted proposals for developing the park. The bids closed on January 23 and the proposals were evaluated and two of the bidders were dropped. The solar power park is being developed by Rewa Ultra Mega Solar Limited, a joint venture of Solar Energy Corporation of India and Madhya Pradesh Urja Vikas Nigam (MPUVN).

The 750-MW park being developed in three segments of 250 MW each is spread over 1,500 hectares of land in Gurh tehsil of Rewa and is to cover five villages of Barseta. Once completed, it will generate clean energy, overtaking 648 MW solar power plant at Kamathi in Tamil Nadu, the largest plant in the country so far.

Source: ET