Portuguese solar auction sees record low prices

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Portugal's second solar PV capacity auction has resulted in prices as low as 1.1 Eurocent/kWh, a record to date.

The auction was held for the procurement of 700 MW capacity, closing 26 August, for lots in the Alentejo and Algarve regions in Portugal, was originally scheduled for March, but was postponed due to Covid-19. The lowest bid of 13.2 USD/MWh is slightly lower than the previous world record of 13.5 USD/MWh for a 2 GW tender in the UAE in April this year.

Korean solar module manufacturer Hanwha were big winners, having secured 300 MW of the capacity, with all their bids also associated with energy storage projects. On the utility side, Iberdrola (Spain) and Enel (Italy) were also part of winning bids.

The current low also beats the lowest bid in the first round of auctions in July 2019,