TANGEDCO has cancelled the 500 MW solar auction that was held in January-February 2017. The utility has not signed PPAs with the winning bidders as the discovered tariff of Rs 4.40 per kWh is now being considered too high, given the steep fall in tariffs in other solar auctions. The developers, which had won the contracts, have reportedly been asked to collect the bank guarantees submitted by them. Meanwhile, 16 of the 18 winners of the last solar auction held by TANGEDCO in July 2017 have agreed to reduce their prices to match the lowest bid of Rs 3.47 per kWh, which was quoted by Raasi Green Earth Energy Private Limited for a 100 MW plant. However, two winners, Clean Solar Power Private Limited and SRL Green and Clean Power Private Limited, have opted out.