Tamil Nadu cancels 500 MW solar auction held in Jan-Feb

Tamil Nadu has cancelled an auction it held in January-February to allot 500 MW of solar projects, because the state-run power distributor found the winning bid of Rs 4.40 per kwH too high, one of the developers said.

The developer, who had won a contract in the January-February auction, said this was verbally communicated to him, followed by a letter asking his company to take back the bank guarantee it had submitted.

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