Thursday 10 October 2013

India invites first solar bids in two years

The Indian Government is inviting bids for 750MW of new solar plants – its first national auction since 2011.

The Ministry of New and Renewable Energy is offering around Rs18.75 billion (£190m) in grants for the projects as part of its National Solar Mission launched in 2010. It aims to reduce the cost of PV panels and add 20,000MW of grid-connected solar energy by 2022.

Solar developers must submit bids laying out how much funding they need and the lowest bidders will win. Grants from the Government will cover around 30% of the project costs.

Out of the total capacity, 350MW must be built with domestically-manufactured solar cells and panels.

Last month the Indian Government announced the approval of a new solar research and technology institute in the country.