Wind power tariff has dropped sharply to an all-time low of Rs 2.64 per unit during the second auction conducted by the Solar Energy Corporation of India (SECI) for 1 GW projects.
"Wind power tariff has fallen to record low of Rs 2.64 per unit in the tariff-based competitive bidding conducted by the SECI yesterday," an industry source said.
The auction, which started yesterday, concluded late in the night.
Renew Power Ventures, the source said, has emerged as the lowest bidder by quoting Rs 2.64 per unit for a capacity of 250 MW, followed by Orange Sironj Wind Power at Rs 2.64 for 200 MW.
Inox Wind Infrastructure Services put in a bid at Rs 2.65 for 250 MW, Green Infra Wind Energy Rs 2.65 for 250 MW and Adani Green Energy (MP) Ltd Rs 2.65 for 250 MW.
The source said the SECI will shortly issue letter of award to the successful bidders.
As many as nine bidders participated in the second tariff-based competitive auction for a cumulative capacity of 2,142 MW.
Earlier this year, wind power tariff had come down to Rs 3.46 per unit in the first wind auction conducted by the SECI.
Solar power has seen a similar play, where the tariff had dropped to a record low of Rs 2.44 per unit in a tariff-driven bidding earlier this year.
The competitive wind and solar tariff will be a big boost for India's ambitious target of achieving 175 GW of renewable energy by 2022, the source added.