Solar credits drop to floor price in India

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Friday, June 28, 2013: This is the first time that the solar credits for the Indian projects have dropped to floor prices. The drop was as much as 19 per cent this June compared to the previous month data and this is the first time that such a fall has been registered since the trading had begun from last year. It hasn’t been too long that the sun powered plants have come on the share markets and we are already witnessing a fall.

The current credits which were floated by the several industrial consumers and power distribution companies to help meet the mandates for clean energy was sold at Rs 9.300 ($154 approx) as reported by the REConnect Energy Solutions Pvt. Ltd.

The Indian system requires companies like Tata Power Corp and Coal India Ltd. to derive as much as 10 per cent from the renewable energy sector. Those that are unable to source the targets locally will have to balance the same through credit buying from wind, solar, biomass and hydro power plants in both the exchange markets.

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Each credit here would represent 1 MW of energy fed into the power grid system. This is also the reason that the bids from these solar utilities are four times higher than the buy bids, according to the company. The solar capacity for India has increased by 79 per cent since the last year as many plants have been awarded in government auctions and many of them have been completed and functional.

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