A SolarCity Corp. employee carries a solar panel on the roof during installation at a home in Kendall Park, New Jersey, U.S. (Photographer: Michael Nagle/Bloomberg)

Solar Tariffs Remain at Record Low in India's Largest Auction

(Bloomberg) -- Solar tariffs in India remained at record lows in the country’s largest federal auction of 3 gigawatts of projects, according to state-run Solar Energy Corp. of India.

Acme Solar Holdings Ltd. won 600 megawatts of projects at the lowest tariff of 2.44 rupees a kilowatt-hour, the record low hit last May and then again in an auction earlier this month, SECI General Manager Sanjay Sharma said Friday in a phone interview.

The country, home to almost half of the world’s 30 most-polluted cities according to the World Bank, has a target of installing 175 gigawatts of renewable energy by March 2022 in a bid to reduce fossil-fuel pollution.

Other winners included:

  • New York Stock Exchange-listed Azure Power Global Ltd., which won 300 megawatts at 2.64 rupees a kilowatt-hour
  • Rutherford Solarfarms Pvt. won 200 megawatts at 2.70 rupees a unit
  • Adani Group-backed Mahoba Solar Pvt. won 300 megawatts, ReNew Power Ventures Pvt. 500 megawatts and SB Energy, a joint venture backed by SoftBank Group, won 1.1 gigawatts
    • All three quoted a tariff of 2.71 rupees a kilowatt-hour

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