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Goldman-Backed Renew Leads Solar Auction Winners in India

According to reports, ReNew Power Ventures Pvt., a clean-energy developer backed by Goldman Sachs Group (GS) Inc., won the most capacity in a government solar auction in the central Indian state of Madhya Pradesh.

ReNew was awarded a license to build a 30-megawatt photovoltaic plant after bidding to sell power at 6,970 rupees ($112) a megawatt-hour, according to S.R. Mohanty, secretary of new and renewable energy in the state. That’s about 19 percent below the global average price for electricity generated by panels, according to data compiled by Bloomberg.

India, the third-biggest energy consumer on Earth, plans a six-fold increase in solar capacity by 2017 to reduce blackouts as plunging panel prices help photovoltaic projects compete on costs with coal and gas-fired plants. The government is using competitive tenders to avoid European-style subsidies, where above-market tariffs for wind and solar farms are common.

Madhya Pradesh awarded 100 megawatts of capacity in total. Developers promising to sell power at the cheapest rates won. Himgiri Energy Ventures offered the lowest bid of 6,470 rupees a megawatt-hour.

The winners also included Today Homes & Infrastructure Pvt., Bhadresh Trading Corp., Ujaas Energy Ltd. (UJEL)’s unit KRBL and Focal Energy Holdings Ltd., according to a list sent by Mohanty.

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