National Law Institute University (NLIU) will get solar power for Rs 1.76 per unit in first year as against the current rate of Rs 7.40 under the rooftop solar tender for central government buildings floated by the Madhya Pradesh Urja Vikas Nigam, MPUVN announced on Thursday.
The rate discovered through the auction is less than one-fourth of the present rate and the Power Purchase Agreement (PPA) between bid winner AMP Solar and NLIU was signed on Thursday, a statement said.
The rate would increase by 3 per cent per annum and would thus double to Rs 3.57 at the end of project life of 25 years, which would still be less than half of the present discom (distribution company) rate," it said.
The bids for rooftop solar at NLIU and other central government buildings has been won by Delhi-based AMP Solar, it added.
The MPUVN rooftop solar tender for central government buildings has fetched the lowest tariff quote of Rs 1.38 per unit attracted by an auction in the country so far, an MPUVN statement said earlier this month.
State government medical colleges, also a beneficiary in the tender, have got a rate of Rs 1.63 per unit for the first year.
The RESCO-II tender issued by MPUVN attracted 9 international and domestic bidders, who oversubscribed the 8.6 MWp rooftop tender capacity by more than 630 per cent.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)