Adani Power and Azure Power have won the latest auction for solar energy projects with bids of Rs 4.78 per unit, higher than the record low of Rs 4.34 set this month. The smaller size of these projects in Uttar Pradesh and the lower level of solar radiation in the state compared with Rajasthan, where the new low was set in the last round, led to the higher price, analysts said.
Prayatna Developers, a subsidiary of Adani Power, and Azure Power India have both been allotted 50 mw at the same price. In the last three auctions, winners had quoted lower tariffs. Two of them were for projects offered by NTPC in Rajasthan and Andhra Pradesh, while the other was for a project offered by Solar Energy Corporation of India in Maharashtra.