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125 MW Solar Contract In India Awarded To Welspun Energy

May 24, 2012

While the low price of solar panels may be hurting manufacturers, solar developers in India are taking advantage of the dip by developing new projects through lower costs. Welspun Solar Madhya Pradesh Private Limited (WSMPPL) won a reverse auction for two projects totaling 125 megawatts (MW).

The current feed-in tariff for Madhya Pradesh, India is Rs 15.35 ($0.28) per unit. Welspun Solar won the contract by bidding Rs 8.05 ($0.14) per unit.

Welspun Solar doesn’t manufacture solar panels but with the new anti-dumping law for solar panels in the United States, Chinese solar manufactures including Suntech Power (STP :NYSE), Trina Solar (TSL :NYSE) and LDK Solar (LDK :NYSE) are probably ready to ship a few panels to India at cheap prices.

Despite the lower panel prices, developing the project won’t be cheap as WSMPPL is prepared to commit $225 million towards the project. Upon completion, the solar plants will help reduce the 17.9 percent power deficit in Madhya Pradesh.

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