JSW Neo Energy (JSW Energy), Hero Solar Energy (Hero Future Energies), Vena Energy, Hexa Climate Solutions and Serentica Renewables won significant capacities in Solar Corporation of India’s (SECI) auction to supply 630 MW of firm and dispatchable renewable energy (FDRE) from inter-state transmission (ISTS)-connected projects anywhere in India under FDRE Tranche IV.

JSW Energy quoted the lowest tariff of ₹4.98 (~$0.0595)/kWh to win 230 MW. Hero Solar and Vena Energy also quoted ₹4.98 (~$0.0595)/kWh to win 100 MW each. Hexa Climate and Serentica won 100 MW each by quoting ₹4.99 (~$0.0596)/kWh.

Serentica, however, had quoted 250 MW capacity but won only 100 MW.

Only 630 MW out of the total 1.26 GW was auctioned. SECI had floated the tender for the projects in September 2023.

The lowest tariff discovered in this auction is ~16% less than the tariff discovered in the most recent FDRE auction conducted by SECI and ~7% higher than the tariff discovered in the FDRE auction conducted by NHPC.

The FDRE model of projects aims to achieve 100% round-the-clock renewable energy at an individual project level. The projects will be developed on a build-own-operate basis

The projects must be designed to connect with the ISTS following the regulations set by the Central Electricity Regulatory Commission.

The connection to the grid and metering should adhere to the relevant grid code, grid connectivity standards, and regulations on communication systems for electricity transmission.

Both land and ISTS connectivity will be under the scope of the selected renewable energy developers. Energy Storage Systems must constitute part of the project.

Auctioned solar capacity in India surged to over 25 GW in the first quarter of 2024 from 820 MW in Q1 2023, primarily due to the new bidding guidelines mandating that auctions be conducted within 110 days of bid submission dates.

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