Prices remain competitive in 1GW Maharashtra solar auction

A 1GW solar auction has been completed in the Indian state of Maharashtra with tariffs remaining competitive but the number of winning players further narrowing, according to an industry analyst.

The results of the auction were as follows:

Bidder Tariff (INR/kWh) Capacity (MW)
Acme Solar 2.74 300
Shiv Solar 2.74 50
ReNew 2.75 300
Avaada 2.75 350

The prices were only slightly higher than the previous state auction held in May 2018, where winning bids had stood at INR 2.71-2.72/kWh.

Vinay Rustagi, managing director at consultancy Bridge to India, told PV Tech: “The interesting observation in these results is that the field of winning developers is narrowing. We see the same 3-5 developers (ReNew, Adani, Avaada, Softbank) leading most auctions. But the tariffs are still on the competitive side. The developers are keen to build as much pipeline as possible before the elections.”