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India recently auctioned off 2 gigawatts (AC) of solar projects
at electricity prices below the 2019 average.
This comes at a time of great uncertainty caused by the lockdown imposed by India due to the Covid-19 raging global pandemic, which reaffirms investors' confidence
in India's long-term future for solar energy.
The auction of NHPC, India's state power company, was reportedly oversubscribed and competition was fierce
during the bidding period.
The resulting offer suggests that developers are optimistic
about the financing costs of these projects, even in anticipation of a slowdown in India's economic growth.
These solar projects are expected to come online
in 2022.
This insulates them from the current tight supply of equipment and labor caused by the lockdown
.
According to news reports, the successful winners were SB Energy (a subsidiary of SoftBank), O2 Power (backed by private equity firm EQT and Singapore's Temasek), Axis Energy, Avaada Energy and EDEN Renewables (a joint venture between Total Eren and EDF).
The presence of diversified foreign investors bodes well for the future growth
of solar power generation in India.
India recently auctioned off 2 gigawatts (AC) of solar projects
at electricity prices below the 2019 average.
This comes at a time of great uncertainty caused by the lockdown imposed by India due to the Covid-19 raging global pandemic, which reaffirms investors' confidence
in India's long-term future for solar energy.
The auction of NHPC, India's state power company, was reportedly oversubscribed and competition was fierce
during the bidding period.
The resulting offer suggests that developers are optimistic
about the financing costs of these projects, even in anticipation of a slowdown in India's economic growth.
These solar projects are expected to come online
in 2022.
This insulates them from the current tight supply of equipment and labor caused by the lockdown
.
According to news reports, the successful winners were SB Energy (a subsidiary of SoftBank), O2 Power (backed by private equity firm EQT and Singapore's Temasek), Axis Energy, Avaada Energy and EDEN Renewables (a joint venture between Total Eren and EDF).
The presence of diversified foreign investors bodes well for the future growth
of solar power generation in India.
