India finally hits grid parity with new solar auction format

Madhya Pradesh tendered 750MW of solar.

Bloomberg reported that record low Indian solar tariffs tendered at a groundbreaking auction may catalyze green investments and help tip the balance of new power to renewables and away from fossil fuels.

"Solar power in India fell to a record 3.30 rupees (5 U.S. cents) a kilowatt-hour on Feb. 10 after a World Bank-backed auction helped the central Madhya Pradesh state tender 750 megawatts of power. The auction format, which included payment guarantees and was run by the state and central governments, could become a template fueling growth in other regions and bringing energy security to the world’s second-most-populous country," it said.

View the full report here.