SECI’s Latest Solar Auction Sees Lowest Tariff of ₹ 2.55 Per Unit

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ReNew Power offered the lowest tariff at ₹ 2.55 per unit, followed by Azure Power at ₹ 2.58, Eden Renewable at ₹ 2.60 and SoftBank-backed SB Energy at ₹ 2.61.

Similar to the recent Gujarat bid, Solar Corporation of India (SECI)’s latest auction of solar projects also saw the lowest winning tariff of ₹ 2.55 per unit.

The figure indicates a modest rise as compared to its previous auction. In the previous SECI auction held in July 2018, the lowest bid had been ₹ 2.44 per unit, which remains the all-time low.

This time, SECI’s reverse auction of 1200 MW saw four winners, each winning 300 MW. ReNew Power offered the lowest tariff at ₹ 2.55 per unit, followed by Azure Power at ₹ 2.58, Eden Renewable at ₹ 2.60 and SoftBank-backed SB Energy at ₹ 2.61.

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When SECI floated 3,000 MW solar tender in July, 2018, Acme Solar had bid the lowest at ₹ 2.44 per unit.

As the other winners, including ReNew Power and SB Energy, had bid substantially higher, SECI accepted only Acme Solar’s bid for 600 MW and cancelled the remaining 2400 MW.

This time, the developers were more competitive, offering lower tariffs.

Gujarat Solar Auction

Gujarat Urja Vikas Vigam Ltd (GUVNL)’s recent solar auction also witnessed an aggressive bidding, with developers offering lower tariffs in their bid to secure the 500 MW solar tender.

US-based UPC Energy Group secured 50 MW at ₹ 2.55 per unit, which was the lowest tariff in the auction.

Adani Green Energy, ReNew Power and Orange Renewables are among the other winners.

Gujarat’s own public sector company Gujarat State Electricity Corporation Ltd, and Adani Green Energy won 75 MW and 150 MW respectively at ₹ 2.67 per unit. Orange Renewable and ReNew Power won 120 MW and 105 MW at ₹ 2.67 and ₹ 2.68 respectively in the auction.

Some consider these tariffs to be pretty low, particularly for a 50 MW project, as the low tariffs discovered so far have been for large-scale projects.

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