EESL has purchased 300 MW of solar modules at INR 20.63/W ($0.30/W) from domestic suppliers Adani Green Energy, Bharat Heavy Electricals, Tata Power Solar and Central Electronics, The Business Standard has reported. Adani set the price, while the other manufacturers agreed to match it.
The purchasing price is lower than the average going rate for high-quality Chinese-made modules, which currently stands at $0.34/W, according to independent solar analyst Corrine Lin. The average purchasing price stood at $0.32/W before June.
EESL plans to use the modules in a range of applications. Its ongoing projects include a recent deal with the New Delhi Municipal Council to install up to 20 MW of rooftop solar capacity, with all electricity to be sold at a rate of INR 4.87/kWh. It also plans to install an undisclosed amount of solar capacity at several rural substations for Maharashtra State Electricity Development Corp. (MSEDCL). EESL plans to sign a PPA with MSEDCL in November, with the electricity likely to be sold at a rate of INR 3/kWh.
EESL is a joint venture between utility NTPC, New Delhi-based Power Finance Corp., state-owned Rural Electrification Corp. and Power Grid Corp. of India. It is now moving into the renewables market, as it has already established itself in the LED space and the electric-vehicle sector.