Foreign Developers Fail To Make The Cut In India 500 MW Solar Power Auction

Six project developers wrapped up 500 MW solar power tender with difference in their tariff bids of less than one US cent.

Interestingly, only a single foreign project developer could make the cut. Foreign project developers, like SkyPower Global, SunEdison and Fortum, have so far led the record-breaking solar power tariffs in India.

SkyPower Global is not believed to have participated in the auction while SunEdison could not submit a winning bid. Fortum Group managed to secure rights to develop 100 MW project at Rs 4.79/kWh (US¢7.2/kWh). Canadian Solar also participated in the bidding process but failed to quote a low enough tariff bid. The projects shall be part of the 2 GW ultra mega solar power project coming up in the southern state of Karnataka.

Apart from Fortum Group, all other winning developers are based in India. RattanIndia Power and ReNew Power Ventures won bids for 50 MW capacity each. Adani Enterprises, ACME and Tata Power secured the rights to develop 100 MW capacity each.

Participation by SunEdison should come as nothing short of a surprise. The company secured rights to develop a 500 MW project in Andhra Pradesh last year at Rs 4.63/kWh (US¢6.9/kWh) but is believed to be having problems implementing the project due to its poor financial condition.

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