A stampede of investors crowded to bid for the latest round of solar power projects in India.
Global investment bank Goldman Sachs’ solar venture and US-based First Solar were among companies bidding for PV projects.
The auction was for 750MW worth of solar developments but it was oversubscribed. By the time the auction closed – after the deadline was pushed back twice – the competing bids totalled 2,170MW of capacity.
It was the second phase of India’s national solar mission and attracted 68 bids in total from 58 developers for 122 projects.
They were enticed by grants as the Indian Government said it would cover as much as 30% of the project costs.
State-owned power companies in Gujarat, Karnataka and West Bengal also took part in the auction. The winning projects are expected to be announced later this month.