Vena Energy and Tata Power NSE -2.05 % emerged as the lowest bidders in a solar auction conducted by Gujarat for 700MW of capacity. Both quoted the lowest tariff at Rs 2.78 per unit, winning 100 MW each.
The other winners were Renew Power, which got 200MW at Rs 2.79 per unit, SVJN Limited which bagged 100MW at Rs 2.80 per unit and TEQ Power Private Limited, which got the remaining 200MW at Rs 2.81 per unit.
Gujarat had set the ceiling tariff for the auction at Rs 2.92 per unit. Projects will have to be commissioned at the Dholera solar park.
A Gujarat Urja Vikas Nigam Limited (GUVNL) executive confirmed the results of the auction.
In the earlier solar auction held by GUVNL in March this year the lowest winning tariff had been Rs 2.61 per unit. “Projects in this tender will have to be commissioned in Dholera solar park which is a geographically difficult location. It is an inter coastal region where there’s water logging. So the civil cost is higher for construction in that area,” the GUVNL executive said, requesting anonymity.
Solar tariffs fell to a record low of Rs 2.36 per unit last month in an auction conducted by the Solar Energy Corporation of India, the renewable energy ministry’s nodal agency for conducting wind and solar auctions.