Japan's Green Investment Promotion Organization has released the final results of its latest auction for utility-scale solar energy projects.

The state-run agency said that 56.4 MW of PV projects were selected in the procurement exercise. It was Japan's 22nd auction for utility-scale solar and was expected to assign 93 MW of generating capacity.

The 23 selected projects range in size from 300 kW to 19.5 MW.

The lowest bid was JPY 7.5 ($0.049)/kWh and was submitted for three projects. The highest bid of JPY 9.04/kWh was submitted for a 750 kW project. The average final price came in at JPY 8.17/kWh.

In the last eight auctions, the final average price ranged from JPY 4.5/kWh to JPY 9.73/kWh.

In the previous auction round, held in September, the Japanese authorities allocated 33.6 MW of PV projects at an average final price of JPY 8.08/kWh. The lowest bid came in at JPY 5.0/kWh

In the 20th round, the Japanese authorities allocated 93 MW of PV with final prices ranging from JPY 4.5 to JPY 8.8/kWh, with the average final price reaching JPY 6.8/kWh.

In the 19th exercise, concluded in March, the Green Investment Promotion Organization allocated 134 MW at an average final price of JPY 5.11/kWh. In the 18th auction, finalized in November 2023, the Japanese authorities allocated 105 MW of PV capacity, with the lowest bid reaching JPY 7.94/kWh.In the 17th exercise, held in late August 2023, the lowest price came in at JPY 8.95/kWh, with 69 MW of allocated capacity.

In the 16th auction held in July 2023, the allocated power was 119.7 MW and the lowest bid came in at JPY 9/kWh. In the 15th solar energy auction, which concluded in March 2023, the Green Investment Promotion Organization only allocated 16.2 MW of the 175 MW tendered. The lowest bid offered in the auction was JPY 9.48/kWh and the average final price was JPY 9.56.

In the 14th exercise, held in November 2022, the Japanese authorities assigned 137.2 MW of PV capacity, out of 175 MW tendered. The lowest bid came in at JPY 9.65/kWh and the average final price was JPY 9.73/kWh.