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					</table>In calendar year 2024, with 18.5 GW of projects going under the hammer in 27 auctions. The lowest tariff discovered in 2024 was ₹2.15 (~$0.025)/kWh, 15% lower than the lowest tariff of ₹2.51 (~$0.0296)/kWh in 2023.
Here is a list of the five lowest solar tariffs discovered in auctions in 2024:
#1 Waaree Group <a href="https://www.mercomindia.com/waaree-wins-rumsls-170-mw-solar-project-in-neemuch-solar-park" target="_blank" rel="noopener">won</a> Rewa Ultra Mega Solar’s (RUMSL) auction to develop a 170 MW solar power project at the Neemuch Solar Park in Madhya Pradesh quoting a tariff of ₹2.15 (~$0.025)/kWh.
<img loading="lazy" decoding="async" class="aligncenter wp-image-74661 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/1-3-1-600x90.jpg 600w" sizes="auto, (max-width: 2560px) 100vw, 2560px" />
#2 SAEL Industries and NTPC Renewable Energy <a href="https://www.mercomindia.com/sael-ntpc-blupine-win-seci-solar-auction" target="_blank" rel="noopener">won</a> 250 MW and 200 MW, respectively, by quoting ₹2.48 (~$0.0295)/kWh in Solar Energy Corporation of India’s (SECI) auction to develop 1.2 GW of ISTS-connected solar power projects (Tranche XVI) on a build, own, and operate basis. BluPine Energy secured 50 MW at ₹2.49 (~$0.0297)/kWh.
<img loading="lazy" decoding="async" class="aligncenter wp-image-74662 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/2-2-1-600x90.jpg 600w" sizes="auto, (max-width: 2560px) 100vw, 2560px" />
#3 SAEL Industries <a href="https://www.mercomindia.com/sael-rays-ntpc-solar-auction" target="_blank" rel="noopener">won</a> 300 MW by quoting ₹2.50 (~$0.0297)/kWh in NTPC’s auction to set up 1,200 MW of ISTS-connected solar power projects. Rays Power Infra and Refex Green secured 100 MW each at ₹2.50 ($0.0297)/kWh, while ReNew Solar and Illuminate Hybren (Mahindra Susten) were awarded 300 MW and 176 MW, respectively, at ₹2.51 ($0.0299)/kWh.
<img loading="lazy" decoding="async" class="aligncenter wp-image-74663 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/3-2-1-600x90.jpg 600w" sizes="auto, (max-width: 2560px) 100vw, 2560px" />
#4 Solarcraft Power India 8 (BluPine Energy) and GRT Jewellers <a href="https://www.mercomindia.com/blupine-grt-win-sjvn-solar-auction" target="_blank" rel="noopener">won</a> 300 MW and 150 MW, respectively, by quoting ₹2.52 (~$0.0304)/kWh in SJVN’s auction to develop 1,500 MW of ISTS-connected solar power projects across India. Furies Solren (Mahindra) and JSW New Energy secured 300 MW and 700 MW, respectively, at ₹2.53 (~$0.0305)/kWh, while NTPC Renewable Energy was allotted 50 MW after quoting ₹2.54 (~$0.0306)/kWh.
<img loading="lazy" decoding="async" class="aligncenter wp-image-74664 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-1-2-600x90.jpg 600w" sizes="auto, (max-width: 2560px) 100vw, 2560px" />
ACME Solar Holdings, SAEL Industries, and Essar Renewables <a href="https://www.mercomindia.com/acme-sael-essar-sjvn-solar-auction" target="_blank" rel="noopener">won</a> 300 MW each by quoting ₹2.52 (~$0.0300)/kWh in SJVN’s auction to set up 1.2 GW of ISTS-connected solar power projects across India. Onward Solar Power secured 100 MW at ₹2.52 (~$0.0300)/kWh, while NTPC Renewable Energy (NTPC REL) was allotted 200 MW out of the quoted 400 MW at ₹2.53 (~$0.0301)/kWh under the bucket-filling method.
<img loading="lazy" decoding="async" class="aligncenter wp-image-74665 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/4-2-1-600x90.jpg 600w" sizes="auto, (max-width: 2560px) 100vw, 2560px" />
#5 SJVN Green Energy <a href="https://www.mercomindia.com/sjvn-sael-coal-india-guvnls-600-mw-solar-auction" target="_blank" rel="noopener">won</a> 100 MW by quoting ₹2.54 (~$0.0306)/kWh in Gujarat Urja Vikas Nigam’s (GUVNL) auction to supply power from 600 MW of grid-connected solar projects (Phase XXI) at the Gujarat Industries Power Company’s solar park in Khavda, Gujarat, with a greenshoe option of an additional 600 MW. SAEL Industries secured 200 MW at ₹2.55 (~$0.0307)/kWh, while Coal India was allotted 300 MW out of the quoted 600 MW at ₹2.55 (~$0.0307)/kWh. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-74666 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-scaled.jpg" alt="" width="2560" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-scaled.jpg 2560w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-300x45.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-2000x300.jpg 2000w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-768x115.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-1536x230.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-2048x307.jpg 2048w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-650x98.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-624x94.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/12/5-2-1-600x90.jpg 600w" sizes="auto, (max-width: 2560px) 100vw, 2560px" />
Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real time.

Five Lowest Solar Auction Bids in India During 2024 [Infographics]

<a href="https://www.onwardenergy.com/" target="_blank" rel="noopener">Onward Energy</a>, an independent power producer, announced that it has entered into a binding agreement to purchase 100% of the cash equity interests in a 1,171 MW operating solar portfolio from <a href="https://www.globalatlantic.com/" target="_blank" rel="noopener">Global Atlantic Financial Group</a>.
The portfolio includes 11 projects in 8 states, expanding the company&#8217;s portfolio to over 6 GW of diverse power generation assets.
&#8220;We believe that this acquisition of high-quality solar assets is a strong fit with our existing portfolio, consistent with our view of the energy transition, and complementary to our growth strategy. Working with Global Atlantic and their exemplary team, we were able to sign the agreement quickly and seamlessly.&#8221; Said Steve Doyon, Onward Energy&#8217;s Chief Executive Officer.
&#8220;This portfolio is part of a diverse set of solar investments that we&#8217;re proud to have built over the past seven years, and we believe that Onward Energy will be an excellent steward of these assets. We were pleased to reach an agreement and are committed to building our presence in this space as global demand for clean power continues to rise.&#8221; Said Anup Agarwal, Chief Investment Officer of Global Atlantic
Onward Energy is an independent power generator that owns and operates over 5 GW of solar, wind, and gas generation projects in the U.S.
The transaction is expected to close in the third quarter of 2022.
Onpeak Capital served as a financial advisor, and Mayer Brown acted as legal advisor to Global Atlantic. Milbank served as legal adviser to Onward.
According to Mercom&#8217;s Q1 2022 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2022-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale solar project acquisition activity remained strong, with over 23 GW of solar projects acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Year-over-year, 15 GW were acquired in Q1 2021.
Recently, Helios Nordic Energy, a developer of large-scale PV solar projects, has <a href="https://cms.mercomindia.com/nordic-solar-acquires-solar-project-pipeline-sweden/" target="_blank" rel="noopener">agreed</a> with a Danish solar energy company Nordic Solar, to acquire four solar projects in the Helios project pipeline. The four projects are in the south of Sweden, of which three are in SE3 and one in SE4. They have a total combined capacity of approximately 220 MW.

Onward Energy Acquires 1.2 GW Solar Portfolio In the US

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