On February 10, bids for what will become one of the world’s largest solar photovoltaic power plants reached historic lows. The lowest bid for the levelised tariff for the 750-megawatt (MW) Rewa Ultra Mega Solar Plant in Madhya Pradesh was Rs 3.30 per kilowatt-hour (kWh), with the first year tariff at Rs 2.97/kWh or 4.4 US cents. In fact, three companies — ACME Solar, Solengeri Power, Mahindra Renewables — bid first year tariffs below Rs 3. Do these tariffs indicate that renewable energy (RE) has finally come into its own in India? Yes and no.