Solar power becomes cheaper than coal; tariff hits all time low of Rs 2.62 per unit

Mumbai, May 10: In a boost for India’s renewable energy push, tariffs for solar energy have become cheaper than coal-based energy sources. The auction of the 250-megawatt Bhadla solar power park in Rajasthan was won by a group of companies with the lowest bid of Rs 2.62 per unit.

The bidding, which followed the bucket filling method, saw South African’s Phelan Energy Group Ltd winning  50 MW at Rs 2.62 per unit, the United States’ Avaada Power Group winning 100 MW at Rs 2.62 per unit and the Soft Bank Group’s clean energy arm also bagging 100 MW at Rs 2.63 per unit.

The proposed tariff comes in the wake of decreasing costs of solar energy in projects across the country. Earlier, the Rewa solar project in Madhya Pradesh and the Kadapa plant by NTPC in Andhra Pradesh had set the trend for low tariff solar energy at around Rs 3 per unit.

Minister for new and renewable energy, power, mines and coal expressed that the rate obtained for the Bhadla solar power project was a milestone for the country’s renewable energy sector. In a tweet today, he said, “Another milestone towards PM @narendramodi’s vision of clean affordable power for all: Bhadla Solar Park achieves tariff of Rs2.62/unit.”

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