India solar power could be as cheap as ₹ 2 per KWH |
Giving a boost to India`s aim to maximize the use of renewable sources of energy, the Indian units of Singapore-based Sembcorp Industries Ltd and Saudi Arabia-based Aljomaih Holding Co won government auctions to sell solar power for a record low of $0.027 per kilowatt-hour (kWh). India, the world`s third-biggest greenhouse gas emitter, has set the target of raising its renewable energy to 175 gigawatts (GW) by 2022 and 450 GW, from about 90 GW now. The tariff represented a discount of nearly a sixth from the lowest bid for solar power of 2.36 rupees in the auctions conducted by Solar Energy Corp of India Ltd (SECI) in June. Sembcorp`s Indian unit Green Infra Wind Energy Ltd will operate a solar plant with a capacity of 400 megawatts (MW), while Aljomaih Energy and Water Co will construct a 200 MW plant. A screengrab of the results of the auctions conducted by state-run Solar Energy Corp of India Ltd (SECI) showed. SECI, the country`s main agency for renewable energy adoption, awards contracts to the company offering to sell electricity at the lowest price, following which a power purchase agreement (PPA) is signed. The decline in renewable energy generation costs has helped India in its drive to use green power to fight climate change.
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