Auction activity was robust in 2022, with 111.48 GW of solar capacity projects going under the hammer in 274 auctions.

The lowest tariff discovered in 2022 was ₹2.29 (~$0.028)/kWh, an increase of nearly 7% compared to the lowest tariff of ₹2.14 (~$0.026)/kWh in 2021. Three of the five lowest solar tariffs emerged from auctions held by Gujarat Urja Vikas Nigam (GUVNL).

Here is a list of the five lowest solar tariffs discovered in auctions in 2022:

#1 SJVN won 100 MW along with Fortum Power (200 MW), UPC Renewables (80 MW) at a tariff of ₹2.29 (~$0.028)/kWh in GUVNL’s auction to purchase power from 500 MW of grid-connected solar projects (Phase XIII). Hinduja Renewables won 120 MW under the bucket-filling method for a tariff of ₹2.29 (~$0.028)/kWh.

#2 Aditya Birla and Hinduja Renewables Energy won 300 MW and 120 MW respectively at a tariff of ₹2.30 (~$0.028)/kWh in GUVNL’s auction to develop 500 MW solar projects under Phase XIV with a greenshoe option of an additional capacity of up to 500 MW (Tranche-XIV). SJVN was awarded 80 MW out of the quoted capacity of 200 MW at ₹2.31 (~$0.028)/kWh.

#3 ReNew won 100 MW solar capacity quoting a tariff of ₹2.33 (~$0.03)/kWh and Adani secured 150 MW capacity at ₹2.34 (~$0.031)/kWh in Punjab State Power Corporation’s auction for 250 MW of solar power.

#4 Project Eight Renewable Power Private Limited (Ayana Renewable Power) won 300 MW solar capacity quoting a tariff of ₹2.35 (~$0.028)/kWh and SolarOne Energy Private Limited (Fortum) secured 300 MW capacity at ₹2.36 (~$0.029)/kWh. They were declared winners in the Solar Energy Corporation of India’s auction for 1,200 MW interstate transmission system-connected solar power projects (Tranche-X) in Karnataka.

#5 Solarcraft Power India 2 (Blupine Energy) won 120 MW quoting ₹2.49 (~$0.030)/kWh, Solairedirect Energy (Engie) bagged 200 MW at ₹2.50 (~$0.030)/kWh, and Tata Power Renewable Energy secured 300 MW quoting ₹2.65 (~$0.032)/kWh in GUVNL’s auction to procure power from 750 MW of grid-connected solar projects with a greenshoe option of an additional capacity of up to 750 MW (Phase XVI).

Utkrrisht Solar Energy (UPC Renewables) won 130 MW out of the quoted capacity of 280 MW at ₹2.66 (~$0.032)/kWh.

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