Record-setting solar auction could open India up to foreign investment

Developers from France and Germany and investors with access to cheap U.S. and U.K. finance were among the winners in a 2 GW procurement round which saw Spanish company Solarpack lodge a record-low price for Indian solar power of $0.031/kWh.

A 2 GW solar auction held by national body the Solar Energy Corporation of India (SECI) has attracted an historic low Indian solar electricity tariff of INR2.36/kWh ($0.031) from Spanish developer Solarpack, which secured 300 MW of project capacity, according to data shared with pv magazine by the National Solar Energy Federation of India.

The procurement exercise saw all the grid connected capacity allocated for INR2.36-2.38/kWh with the other successful bidders Goldman Sachs-backed Indian business Renew Power, which secured 400 MW of project capacity; 300 MW slices for Italy’s Enel, French firm Eden Renewables, the Singapore business of German developer Ib vogt, and U.K. development finance-backed Ayana Renewable Power; plus 100 MW of capacity for Indian outfit Amp Energy.

For the full story, please visit our pv magazine India site.

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