The number of wind-solar hybrid projects that were tendered and auctioned by various agencies rose in 2024 due to increased demand from offtakers including power distribution companies and corporate consumers. In 2024, 13 auctions were held for wind-solar hybrid power projects. Tariffs for such hybrid power projects ranged between ₹3.15 (~$0.04)/kWh and ₹3.65 (~$0.043)/kWh. The lowest tariff of ₹3.15 (~$0.04)/kWh discovered in Solar Energy Corporation of India’s auction was 2.6% higher than the lowest tariff of ₹3.07 (~$0.0368)/kWh seen in 2023.

India added 16.4 GW of solar capacity in the first nine months of 2024, a 167% year-over-year increase from 6.2 GW in 9M 2023, according to Mercom India Research’s Q3 2024 India Solar Market Update. Here is a compilation of the most important developments that impacted India’s solar sector.

The Punjab Energy Development Agency has issued a letter of award to VP Solar Generation to develop 66 solar power projects of 4 MW each, totaling 264 MW. These solar projects are part of the feeder-level solarization initiative under Component-C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. Once operational, they are expected to generate approximately 400 million units of electricity annually, attract investments of ₹10.56 billion (~$123.85 million), and save the state an estimated ₹1.76 billion (~$123.84 million) annually in agricultural subsidies.

Rajasthan Renewable Energy Corporation has invited bids to empanel developers to install 511 MW of grid-connected rooftop solar systems on government buildings in the state. Bids must be submitted by January 20, 2025. Bids will be opened on January 21. Bidders must furnish an earnest money deposit of ₹870,000 (~$10,187)/MW of the quoted capacity. Small-scale industries must furnish an EMD of ₹217,500 (~$2,546)/MW. Selected bidders must submit a performance bank guarantee of 3% of the order value. Small-scale industries can furnish a PGB of 0.5% of the order value.

The Solar Energy Corporation of India has invited bids to set up 125 MW/500 MWh standalone battery energy storage system in Kerala with viability gap funding under tariff-based global competitive bidding. The project will be developed under the built-own-operate model. Bids must be submitted by February 2, 2025. Bids will open on February 7. Bidders must submit a document fee of ₹50,000 (~$586.4) + GST to be submitted and a bid processing fee of ₹20,000 (~$234.5)/MW for the quoted capacity subject to a maximum amount of ₹2 million (~$23,454) + GST.

South Africa has released the list of preferred bidders for solar and battery storage projects to be developed under its Renewable Energy Independent Power Producer Procurement Program and Battery Energy Storage Independent Power Producer Procurement Program. These tenders were floated last December, and the bid window 7 (BW7) of the program aims to develop 3.2 GW of wind and 1.8 GW of solar projects. Of the bids received in August 2024, wind projects were undersubscribed with 1,692 MW, and solar was oversubscribed with 8,526 MW.