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India

Prices fall in India's second 1GW reverse auction

INDIA: Prices fell to INR 2.64/kWh ($0.04/kWh) in the Ministry of Renewable Energy's (MNRE's) second reverse bidding auction, allocating 1GW of wind projects.

More than 2.8GW worth of bids were made in the auction (pic: Gamesa)
More than 2.8GW worth of bids were made in the auction (pic: Gamesa)

The lowest winning price, offered by two developers, was INR 0.82/kWh ($0.012) cheaper than the lowest bid in India’s first 1GW auction in February.

The government’s Solar Energy Corporation of India (SECI) received 12 bids with a total capacity of 2.89GW, of which nine (total capacity of 2.14GW) were eligible for the latest reverse auction.

The auction had been scheduled for 19 September, but was postponed until 4 October while the Central Electricity Regulatory Commission (CERC) ruled on issues surrounding grid connectivity.

After five hours of bidding, five winners were selected for 1GW of projects:

  • ReNew Power won 250MW of projects at INR 2.64/kWh — the lowest price offered
  • Orange Sironj won 200MW, also for INR 2.64/kWh
  • Inox Wind was awarded 250MW worth of projects for INR 2.65/kWh (US$0.041/kWh) 
  • Green Infra was also awarded 250MW worth of projects for INR 2.65/kWh
  • Adani Green won 50MW, also quoting INR 2.65/kWh.

The projects must be commissioned within 18 months of Letters of Award being issued by SECI, MNRE said.

An extra 100MW capacity can still be allotted to central public sector enterprises (CPSEs) willing to develop sites connected by inter-state transmission systems (ISTS) at the lowest bid tariff if a proposal is submitted within 30 days of the results being declared.

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