Winning bids for solar projects in Gujarat remained at Rs 4.43 per unit, the reserve price set for most of the recent auctions in India, suggesting that prices may have bottomed out. The contracts were awarded on the basis of the least subsidy sought. The auction conducted by the Solar Energy Corporation of India Limited for 160 MW of projects at the Charanka Solar Park in Gujarat (four projects of 40 MW each), was won by state-owned Gujarat Industries Power Co, which got 80 MW, Mahindra Renewables, which got 40 MW, and Orange Renewables. With all bids quoting the same tariff, the winners were decided on the basis of the least subsidy — or viability gap funding. The Ministry of New and Renewable Energy provides VGF up to Rs 1 crore per MW to solar developers. Gujarat Industries sought VGF of Rs 67.99 lakh per MW for one project and Rs 69.75 lakh per MW for the other.