Bengaluru: In the 2,000 MW auction, where foreign companies won projects, the solar tariff fell to a new record of Rs 2.36 per unit, while Renew Power was the only local firm among the winners, according to sources close to the development.
The lowest ever tariff was Rs 2.44 per unit, which reached auction of Solar Corporation of India (SECI) in May 2017 and again in July 2018. The SECI is the nodal agency through which the Ministry of New and Renewable Energy operates wind and solar. Auction of electricity. It refused to confirm the results of the auction.
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In the recent SECI auction held, Spain's Solarpack got 300 MegaWatt project at Rs 2.36 per unit, while Italy's Enel Green Power won 300MegaWatt project at Rs 2.37 per unit. IB Vogt of Germany won 300 MegaWatt project in a single tariff. Canadian developer AMP Energy and New York-based Eden Renewables won 100MegaWatt and 300MegaWatt at Rs 2.37 per unit.
Aidana Renewable Power, backed by the CDC Group (Development Finance Institute of the UK), won 300 MegaWatt at Rs 2.38 per unit. The only local company to win was Renew Power, which received 400 MegaWatt at Rs 2.38 per unit, although Renew is also largely supported by foreign investors. Projects can be located anywhere in India.
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Vinay Rustagi, managing director of renewable energy advisory firm Bridge to India, said, "The cost of solar equipment has been falling very rapidly in the last six months due to demand depression related to COVID."
Developers are eager to win new projects due to the reduction in power demand and slow auction prices.
SECI held the first auction of its kind for round-the-clock power in May, where the layered winner tariff emerged at Rs 3.60 per unit. ET reported in May that the Ministry of Renewable Energy is likely to cease conducting auctions for plain vanilla solar and wind tenders.
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The tender received an overwhelming response with bids exceeding 5,000MW. "The region is dominated by international capital. Except for the largest Indian corporate houses, Indian developers do not have the funding appetite to compete for these projects," said Rustagi.
One developer felt that the industry's desperation had declined due to the slowdown of COVID 19.
"It is disappointing to see the decay of the working industry." said the industry executive.
The same developers used to complain about the risk (aggressive bids and low tariffs as a result) in the media and other forums." He said contracting at low prices and failing to deliver later would have serious consequences. "The Companies which will restrict the contracts will be blacklisted by the Minister."
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"I don't understand the reason for this aggression," said another solar developer, requesting alimony.
Acme Solar Company notified the Central Electricity Regulatory Commission of India, that it is unable to perform the project anymore. As you know, Acme Solar has won the contract in July 2018 at very less tariff price of Rs 2.44
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