Rajasthan Solar Park Development Co. Ltd has discovered a lowest tariff of INR 3.42/kWh in its auction for 2,450 MW of solar capacity paired with 1,600 MW/6,400 MWh of battery energy storage systems (BESS) at Pugal Solar Park.
The auction was conducted in two lots, with Lot 1 comprising 2,000 MW and Lot 2 covering 450 MW. The results highlight intense competition among developers, with the lowest discovered tariff emerging in Lot 2.
The auction for Lot 1, with a starting tariff of INR 4.03/kWh, attracted 31 bids. The lowest successful tariff was INR 3.53/kWh, offered by NLC India and Rama Reflection India.
NLC India secured 1,000 MW and Rama Reflection India 250 MW, both at INR 3.53/kWh each. Coal India gets the balance 750 MW capacity at INR 3.54/kWh against its bid quantity of 1,000 MW.
The lowest discovered tariff of INR 3.53/kWh was approximately 12.4% below the starting price of INR 4.03/kWh. The highest quoted tariff ws INR 6.66/kWh.
The 450 MW Lot 2 auction attracted 17 bids, with Coal India and LEO Energies emerging as the successful bidders.
Coal India secured 225 MW at INR 3.42/kWh, the lowest tariff discovered across the two lots. LEO Energies won the remaining 225 MW at INR 3.43/kWh.
“This tender in a solar park remains as one of the largest solar-plus-BESS projects of its kind. Since its launch nearly a year ago, it has attracted a lot of interest from developers, with state-level support and outreach playing a big role in driving participation. This is clearly reflected in the auction, which saw 31 bidders participate in Lot 1 alone,” said Debmalya Sen, President, IESA.
“The tender was finally closed for bidding recently and we saw the eRA happening a day before. The prices discovered are quite competitive. We have been talking of high battery prices and solar module prices too..If you notice, the highest tariff is almost two times the L1, which indicates a lot of margins and assumptions were squeezed to come down to INR 3.43/kWh or INR 3.53/kWh.”
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