Japan's Green Investment Promotion Organisation has announced the results of its latest auction for utility-scale solar energy projects (19th auction), in which 134 MW of solar PV capacity was awarded. The auction was significantly under-subscribed as it planned to award 349 MW of generating capacity.
The 29 selected projects range from 550 kW to 29.9 MW. The lowest bid was JPY0.0/kWh, while the highest was JPY6.98/kWh (US$4.6c/kWh). The average final price was JPY5.11(US$3.3c/kWh). For this auction, the ceiling price was set at JPY9.28/kWh (US$6.15c/kWh). The bid of JPY 0.0/kWh was submitted for a 19 MW PV project, which had already secured a private power purchase agreement for the sale of electricity and participated in the auction to secure a grid connection.
All recent solar auctions have been largely under-subscribed. The country awarded only 16 MW in the 15th auction (March 2023), 120 MW for the 16th (July 2023), and 69 MW for its 17th auction (August 2023). In its 18th auction in November 2023, which was also significantly under-subscribed, Japan allocated 105 MW of solar PV capacity.
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