October 11 (Solar) – The latest solar tender of India’s Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA), seeking 500 MW of proposals, has attracted bids as low as INR 3.17 (USD 0.043/EUR 0.037) per kWh, Mercom Capital reports.
The tender was capped at INR 3.25 per kWh, including the safeguard duty of photovoltaic (PV) equipment imports, and INR 3.10/kWh without that offset. A government official has told Mercom that Letters of Award will be distributed soon.
Maheshwari Mining and Energy and NTPC Ltd (BOM:532555) emerged as the two companies with the lowest bids, each of them offering INR 3.17/kWh to develop 20 MW and 140 MW, respectively. NTPC also bid INR 3.21/kWh for an additional 20-MW portion.
Among the companies with the largest capacity awards is Adani Group (BOM:512599), securing two projects of 50 MW each with bids of INR 3.19 per kWh and INR 3.22 per kWh. EDEN Renewable and SolarArise also won 50 MW each, quoting INR INR 3.21/kWh. Meanwhile, Giriraj Renewables bid for 300 MW but won 50 MW only.
According to a recent report by Mercom, the 500-MW tender was oversubscribed by 250 MW. Launched in July, the competitive selection was initiated following the cancellation of an earlier 1-GW auction due to the high level of quoted tariffs. UPNEDA split the capacity in two equal portions and subsequently retendered the first 500-MW lot.
(INR 10 = USD 0.134/EUR 0.116)