Solar rates in India touched a record low in a tender for a 500-Mw solar park in Andhra Pradesh issued by the Ministry of New and Renewable Energy (MNRE). US-based SunEdison won the bidding by quoting Rs 4.63 a unit. The tender was offered under Jawaharlal Nehru National Solar Mission (NSM). The auction, which began on Tuesday afternoon saw the participation of a large number of domestic and multinational renewable energy firms. Of the 28 companies that moved to the second round of this bidding process, nine ended their bids under Rs.5 per kWh. The country has raised its 2022 solar energy target to 100GW from 20GW as part of the government’s efforts to lower dependence on coal-fuelled electricity. SunEdison, the world’s largest renewable energy company, made its low bid beating Japan-based telecom and Internet firm SoftBank Group Corp.’s quote of Rs.4.80 per kWh for the 500MW. Piyush Goyal, minister for power, coal and renewable energy had said that India has a $250 billion investment opportunity in the renewable energy sector. Of the total 100,000MW of solar power capacity planned by 2022, 20,000MW will come from solar parks and 40,000MW each from roof-top and distributed generation projects. India launched the Jawaharlal Nehru National Solar Mission in 2010 with the aim of adding 20,000MW of grid-connected solar power to India’s energy mix by 2022 in three phases.