This past month we reported how the REWA Ultra Mega Solar Park has been developed to attract the best bids and also how the reverse auction results for this 750 MW plant have broken the Rs. 3 barrier. But this story has many more facets that need to be spoken about such as the Rs. 300 crore+ reduction in DMRC’s electricity bill. We have pulled together this info-graphic that illustrates just how ground breaking this story is in the history of solar power.
Rs. 2.97/ unit
Something amazing just happened in the Indian Solar Industry. A couple weeks ago Sunkalp Energy had reported how the REWA Solar Park was developed to attract competitive bids. The bid results that were declared on Friday morning did not disappoint. For the first time, the bid solar tariff has breached the magic Rs. 3/unit number, and this without any subsidies or incentives. While aggressive tariff is ofcourse as a result of stellar off-takers and large capacity which improed bankablity, this is truly a success story for the resilient Indian solar industry. The bid results are testament to the fact that the solar industry can now survive without incentives and subsidies.
Summary of REWA Solar Park Bid Results:
The winning bidders along with their quotes are as below:
- Mahindra Renewables Pvt. Ltd: Rs 2.979 per kWh
- Acme Solar Holdings Pvt. Ltd: Rs 2.97 per kWh
- Solenergi Power Pvt. Ltd (Sweden): Rs 2.974 per kWh
Each of the bidders have won contracts to build 250MW plants each.
Records Broken by the REWA Solar Park:
Big Day! Our finance minister Arun Jaitly announced the much awaited Budget 2017 today. Here are the key takeaways from the Budget 2017 that affect the solar industry directly or indirectly.
1. 7000 Railway Stations to go Solar in the Medium Term
This is the first time that the railway budget has been merged with the Union Budget. Mr. Jaitly announced that a proof of concept with solar power has already been done with 200 railway stations and now 7000 railway stations will be converted to solar in the medium term.
Bids closed this Monday for participation in the 750MW REWA Mega Solar Park and we hear the response was overwhelming with more than 20 solar developers vying for over ten times the bid capacity. Solar in Madhya Pradesh wasn’t always considered a good investment, so what made the REWA project so attractive? Here are the key features that make the REWA solar park a sweet deal for offtakers and investors alike.
Dramatically low solar tariffs have been creating the stir in news since the Solar Energy Corporation of India (SECI) released it’s bid results in late November. Agencies have been reporting that Solar Power tariffs touched a record low of Rs. 3/unit. While this sounds like great news, it is only the partial truth. Here is the complete understanding of solar power tariffs discovered as part of SECI’s 500 MW tender.