Waaree Wins 170 MW Solar Project In Neemuch (Madhya Pradesh) With ₹2.15/kWh Bid

A 170 MW solar project in Neemuch, Madhya Pradesh, has been awarded to Waaree Group. The project, developed by Rewa Ultra Mega Solar Limited (RUMS), has received advisory support from the International Finance Corporation (IFC) and a loan from The World Bank. The power generated will be supplied through the Inter-State Transmission System (ISTS) to Madhya Pradesh and Indian Railways, which will be used across seven states.

The bidding process saw participation from 10 companies, with the reverse auction starting at ₹2.30 per unit and closing at ₹2.15 per unit. Waaree Group emerged as the successful bidder. This bid comes after the imposition of the ALLM in April 2024, where discovered tariffs have ranged from ₹2.48 to ₹2.70 per unit. The lower tariff of ₹2.15 demonstrates RUMS’ commitment to managing developer risks, efficient project implementation, and strong documentation. This project marks a significant step in the renewable energy sector for India.