Coronavirus company news summary – India sets a new record in solar auction

24 November 2020 (Last Updated November 25th, 2020 09:17)

24 November

The cost of large-scale solar projects in India reached $466,468/MW in the third quarter, declining by 8% from $507,031/MW recorded in the corresponding period in 2019. The average large-scale solar costs rose during the quarter because of a surge in module prices owing to glass shortage, supply problems and Covid-19 induced lockdown restrictions.

The Solar Energy Corporation of India (SECI) held an auction for solar projects of 1,070MW capacity, which saw the lowest price hit $0.0270/kWh. The price is 15.3% less than the previous lowest price of $0.0319/kWh registered during June auction. The industries across the globe are expecting reduced interest rates owing to Covid-19 pandemic and looking at interest rates of 7.75% or lower during the current auction.

The European Commission has come up with a plan to support the European Union in realising its climate neutrality goal by 2050. The commission plans to expand offshore wind capacity from the current 12GW to 60GW by the end of decade and 300GW by 2050. The body aims to increase domestic output to attain climate goals, meet the rapidly increasing electricity demand and stabilise the economy, which was battered by the ongoing pandemic.