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India receives 58 solar bids for 2,170 MW

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Harmeet
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NEW DELHI, INDIA: India received bids for almost triple the 750 megawatts of solar capacity offered after enticing developers with grants for the first time that will cover part of the cost of the plants.

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The state-run Solar Energy Corp. of India received 58 bids for 2,170 megawatts in the country's first national auction of photovoltaic licenses in two years, said Tarun Kapoor, joint-secretary at the Ministry of New and Renewable Energy.

The technical bids will be opened to check whether companies meet the qualifications to build plants. The financial bids will be opened in about a month after the initial evaluation is finished.

The tender offers improved revenue security to investors seeking a foothold in a market, where the cost of sun power may equal that of other sources within three years.

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