As many as 20 companies participated in the tender process for Rewa solar project. The tender process started from Thursday continued for 33 hours and on Friday the Reverse auction concluded.
As a result, the average lowest tariff was received at the rate of Rs 2.97 instead of Rs 3.62. This is 18 per cent less than the previously received lowest tariff.
With the receipt of this lowest rate, Madhya Pradesh has broken the country’s earlier record of lowest tariff of Rs 4.43. After the reverse auction, each solar plant of 250 MW was allotted to Mahindra renewable, Exmay Solar and Solenergy.
Principal Secretary of the New and Renewable Energy Manu Shrivastava informed that the lowest rates of the tariff would save around Rs 4,100 crore of the State government. Similarly, this would save Rs 100 crore of Delhi Metro.