The World's #1 Renewable Energy Network for News, Information, and Companies.

UPDATE: India Invites 750 MW of National Solar Bids After 2-Year Gap

UPDATE: India Invites 750 MW of National Solar Bids After 2-Year Gap

India called for bids to build 750 megawatts of solar plants in its first national auction since 2011 and is offering about 18.75 billion rupees ($303 million) in grants.

Bids are due by Nov. 29, state-run Solar Energy Corp. of India said on its website. Tender documents will be available from next week. Developers will submit bids specifying the funds they’re seeking and the lowest bidders will win. The government grants will cover as much as 30 percent of the project cost.

Companies such as Welspun Group, backed by Leon Black’s Apollo Global Management LLC (APO), and billionaire Vinod Khosla’s Sunborne Energy Holdings LLC have built nearly 2,000 megawatts of solar capacity and cut average costs by more than half since India began auctioning licenses through its National Solar Mission in 2010. The program seeks to reduce solar power costs to levels in line with other forms of grid-supplied electricity by 2017.

Of the 750 megawatts, 350 megawatts must be built with domestically manufactured solar cells and panels, according to revised rules published on the Ministry of New and Renewable Energy’s website.

Forcing projects to buy local equipment will raise costs and compromise quality, Vineet Mittal, managing director of Welspun Energy Ltd., India’s biggest photovoltaic developer, said in an August interview.

The government will stagger disbursal of the grants to ensure projects meet milestones, the ministry’s rules show. Fifty percent will be paid upon plant completion and the balance in 10 percent increments over the following five years, if generation targets are met.

Investors will be able to sell their projects after a one-year, lock-in period. Moser Baer India Ltd. (MBI), Lanco Infratech Ltd. (LANCI), Indosolar Ltd. (ISLR), and Websol Energy System Ltd. (WESL) are among the biggest Indian makers of solar equipment.

Copyright 2013 Bloomberg

Read the previous announcement here.

Read more solar energy news here.

Lead image: Taj Mahal via Shutterstock

CURRENT MAGAZINE ISSUE

03/01/2015
Volume 18, Issue 3
file

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

FEATURED PARTNERS



EVENTS

EU PVSEC 2015 (European PV Solar Energy Conference and Exhibition)

The EU PVSEC is the largest international Conference for Photovoltaic re...

Sponsor/Exhibitor: MIREC Week 2015

Solectria, Pillar, and Variadores together are co-Silver Sponsors! Come ...

More Power, More Profit Tour - San Diego

Register for the SMA More Power, More Profit Tour for free, in-person sa...

COMPANY BLOGS

EU PVSEC 2014 extends its Scope

Added focus on application and policy topicsAbstracts for conference con...

EU PVSEC 2014: Call for Papers Receives Great Response

More than 1,500 contributions apply for presentation in AmsterdamScienti...

How GreenLancer Streamlines the Solar Design Process

Post originally appeared on the GreenLancer Blog by Ardelia Lee Cr...

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS