A detailed analysis of the winners of major solar auctions held in India over the past 12 months indicates that bidding has been dominated by larger, more-established companies. According to findings of the Mercom Capital Group, this trend was on display during an auction held in February 2017 for 750 MW of grid-connected solar projects at the »Rewa Solar Park« in Madhya Pradesh. In the auction, ACME Solar emerged as the lowest bidder. Since the completion of the Rewa Solar Park auction, over 4 GW of large-scale projects have been auctioned. Of the auctioned capacity, larger developers have accounted for approximately 80 percent of the capacity awarded.
»Larger developers who are backed by strong balance sheets and corporate entities, PE financed or publicly traded have separated themselves from the smaller developers at least since the REWA auction last year,« said Raj Prabhu, CEO of Mercom Capital Group. »Stronger financial resources and access to lower cost capital allows these larger developers to weather the current uncertainties around trade cases and risk better than smaller developers.«
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