Companies scramble to set up solar power projects

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India’s solar power sector is gathering steam, with 150 companies rushing in to offer 2,500 megawatts of projects for the second round of bidding, seven times the allocated capacity of 350 mw for which bids were invited, raising hopes that electricity tariffs from the renewable source would fall below Rs 10 a unit.

About 150 companies are in the fray for 218 projects worth Rs 3,500 crore in the second round of projects under the Jawaharlal Nehru solar mission that aims to add 20,000 mw of solar capacity in the decade.The government will shortlist companies by the second week of November. These firms will submit financial bids by the end of next month. They will compete by offering discounts to the prescribed tariff of Rs 17.91 per unit fixed by the regulator.

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