India has called bids for solar plants. To build 750 megawatts of solar plants, India is offering Rs 18.75 billion ($303 million) grants, say media reports. The bids are due by November 29, State-run Solar Energy Corp. of India said on its website.
From next week, tender documents will be available and developers will submit bids specifying the funds they’re seeking and the lowest bidders will win.
The government grants will cover as much as 30 per cent of the project cost.
Companies such as Welspun Group, backed by Leon Black’s Apollo Global Management LLC, and billionaire Vinod Khosla’s Sunborne Energy Holdings LLC have built nearly 2,000 megawatts of solar capacity and cut average costs by more than half since India began auctioning licenses through its National Solar Mission in 2010.
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