Acme Solar has unilaterally terminated the power purchase agreements (PPAs) signed with the Solar Energy Corporation of India (SECI) for solar projects scheduled to sell electricity at Rs 2.44/unit — the lowest-ever solar tariff discovered.
The company said that the PPA was being cancelled because of force majeure events such as the impact of the coronavirus outbreak on solar manufacturers and suppliers, land acquisition related issues and delay in building associated transmission network. However, termination has not been accepted by SECI.
The power from the units in question is scheduled to be supplied to Delhi, Haryana, Bihar and Puducherry. Falling solar rates have been attributed for the growth in renewable energy in the country.
Solar power tariffs have fallen from an exorbitant Rs 17/unit in 2009 to just Rs 2.44/unit — the lowest-ever solar tariff discovered in May 2017