Modi's solar mission brings down cost to new low of Rs 5/unit
Canadian major SkyPower bid Rs 5.05-5.29/unit for three solar projects in Madhya Pradesh
New Delhi: Prime Minister Narendra Modi’s ambitious Rs 6 lakh crore plan to increase the solar power capacity to 100 GW by 2022 has led to massive drop in solar power project costs with global major SkyPower putting in bids for Rs 5.05-5.29/unit for three separate 50 Mw projects in Madhya Pradesh.
Canada-based SkyPower is the world's largest and one of the most successful developers and owner of utility-scale solar photovoltaic (PV) energy projects of over 25,000 MW worldwide.
Sources said the company bagged three major solar projects in Madhya Pradesh by quoting the lowest price for at Rs 5.05, Rs 5.10 and Rs 5.29/unit, respectively. This bid was lower than the other winners including the Hero Group which quoted Rs 5.64/unit for a 50 Mw solar project.
The latest bids underline a new trend in the solar power price market by breaking the earlier set threshold of Rs 7/unit by Adani Power that bagged a 1,000 MW solar project in Tamil Nadu.
Under the Jawaharlal Nehru National Solar Mission (JNNSM), the government plans to provide Rs 15,050 crore worth of capital subsidy to promote solar capacity addition in the country. This capital subsidy is provided for rooftop solar, for Viability Gap Funding (VGF) based projects to be developed through the Solar Energy Corporation of India (SECI).
States such as MP and Tamil Nadu have thus been witnessing a silent revolution on rooftop solar power generation with the launch of net metering in the country.