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:
- Largest Solar Park in the World: At 750 MW, REWA will surpass the 550 MW Topaz Solar Park in California, USA
- Lowest Solar Tariff in India: At Rs. 2.97/ unit, the REWA bid is 32% lower than the last record solar tariff of Rs. 4.34/unit.
- First Open Access Offtaker in India: At REWA, DMRS will become the first open access consumer to be purchasing its electricity from a solar park.
Read on for an in depth analysis and to understand the impact of the REWA Solar Park results.