Projects worth 18.5 GW were auctioned in 27 tenders in the calendar year 2024. The lowest tariff discovered during the year 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.

India added 4.8 GW of solar open access capacity during the first nine months of 2024, a 69% year-over-year increase from 2.8 GW, according to the Q3 2024 India Solar Open Access Market Report. The top five states accounted for 74% of the total installations. The capacity added in the first nine months of 2024 surpassed the annual installations witnessed in all previous years.

The Ministry of New and Renewable Energy has updated the Approved List of Models and Manufacturers (ALMM) for solar photovoltaic modules. The cumulative module manufacturing capacity under ALMM now stands at 63,027 MW. Australian Premium Solar has enhanced its listed capacity by 262 MW. Meanwhile, Redren Energy (400 MW), Mundra Solar Energy (Adani) (2,125 MW), Icon Solar En Power Technologies (600 MW), FS Green Energies (572 MW), and ADM Solar Power & Infrastructure (580 MW) have been added to the provisional ALMM list, collectively contributing an applied capacity of 4,277 MW per year.

The Maharashtra Energy Development Agency has invited bids to commission 1,192 kW of grid-connected ground-mounted and rooftop solar projects with net metering. The project’s estimated cost is ₹67.16 million (~$785,053). Bids must be submitted by January 6, 2025. Bids will be opened on January 7. Bidders must furnish an earnest money deposit of ₹671,626 (~$7,850). Successful bidders must submit 3% of the work cost as a performance bank guarantee.

Solar energy consultancy and engineering, procurement, and construction (EPC) solutions provider, Gensol Engineering has secured an EPC contract from NTPC Renewable Energy for 225 MW of grid-connected solar power projects to be set up in Gujarat State Electricity Corporation (GSECL)’s renewable energy park at Khavda (GSECL Stage-3). The contract value is ₹8.97 billion (~$105.02 million).

Oil and Natural Gas Corporation has floated a tender for the operation and maintenance of 1.54 MW grid-connected solar systems distributed across 19 installations under its Mehsana asset in Gujarat. Bids must be submitted by January 16, 2025. Bids will be opened the next day. Bidders must submit an earnest money deposit of ₹66,000 (~$792) with a performance bank guarantee equivalent to 3% of the total contract value.

ACME Renewtech, a subsidiary of solar energy company ACME Solar Holdings, has secured ₹19.88 billion (~$232.3 million) in term loan financing from the Power Finance Corporation to fund a 300 MW solar-wind hybrid project. The project’s solar component will be in Bikaner, Rajasthan, and the wind sites in Bhuj, Gujarat. The project will operate with a debt-to-equity ratio of 80:20 to ensure financial stability and optimal capital utilization.

JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has entered into a definitive agreement to acquire a 4,696 MW renewable energy platform from O2 Power Pooling. After adjustments for net current assets, the platform’s enterprise valuation is approximately ₹124.68 billion (~$1.46 billion). The acquisition includes O2 Power Midco Holdings and O2 Energy SG.

South Korea-based solar cell and module manufacturer Qcells has announced achieving a 28.6% tandem solar cell efficiency on a full-area M10-sized cell that can be scaled for mass manufacturing. The CalLab at the Fraunhofer Institute for Solar Energy Systems verified the company’s claims. Qcells’ new tandem solar cell technology comprises a perovskite layer on the top and the company’s proprietary Q. ANTUM technology layer on the bottom.