Avaada Power

The recent auctions for solar parks in Agar (550 MW), Neemuch (500 MW), and Shajapur (450 MW) districts of Madhya Pradesh saw winning tariffs in the range of INR 2.14 (0.029 US$) to INR 2.459 (0.034 US$).

Norwegian analyst Rystad Energy has predicted the stop on PV tenders in Karnataka will see Rajasthan become India’s leading solar state this year. The market research firm expects India to add only 10 GW new solar in 2020, however, and the same figure in 2021.

Avaada Energy has raised the funds from the Asian Development Bank and European development institutions. The PV developer will use the amount to finance 2.4 GW of the 5 GW of solar capacity it hopes to secure over the next two years.

Avaada Power and Adani lead the way with each bidding for half the 1 GW of capacity available, after the state distribution company raised the maximum tariff and extended the bid deadline.

The state’s second attempt to tender for 500 MW of capacity has made a mockery of predictions of rising PV electricity prices and exonerated utility for cancelling previous procurement round. But the absence of India’s cheapest solar energy generator from the latest exercise could be telling.