Acme, First Solar Submit Lowest Bids in India AuctionNatalie Obiko Pearson
U.S. panel maker First Solar Inc. and Acme Group were poised to win licenses to build plants in southern India after pledging to sell power at rates about one-third cheaper than the global average.
Tempe, Arizona-based First Solar bid to sell electricity for as low as 5,250 rupees ($86) a megawatt-hour, while Acme offered to supply for as low as 5,637 rupees a megawatt-hour, according to a list of qualified bids issued by the government utility in Andhra Pradesh state. Under auction rules, the state will sign 25-year power-purchase contracts for 500 megawatts of capacity with bidders submitting the lowest tariffs.
Acme plans to invest $210 million to install 160 megawatts in the state, the company said in an e-mailed statement.
Other developers poised to win projects based on their bids included BlackRock Inc.-backed SunEdison Inc., Goldman Sachs Inc.-backed ReNew Power Ventures Pvt. and International Finance Corp. backed Azure Power India Pvt.