The solar auction activity in the country was robust in 2023, with 14.65 GW of projects going under the hammer in 26 auctions.

The lowest tariff discovered in 2023 was ₹2.51 (~$0.030)/kWh, 10% higher than the lowest tariff of ₹2.29 (~$0.027)/kWh in 2022.

Here is a list of the five lowest solar tariffs discovered in auctions in 2023:

#1 Sprng Energy won 200 MW by quoting ₹2.51 (~$0.030)/kWh in Gujarat Urja Vikas Nigam’s auction to supply power from 500 MW of grid-connected solar power projects (Tranche-XVIII) with a greenshoe option of an additional 500 MW. ib vogt, Hinduja, and Blupine won 130 MW, 120 MW, and 50 MW, respectively, at ₹2.52 (~$0.030)/kWh.

#2 Solairedirect (ENGIE) won the auction to develop a 250 MW solar project at a tariff of ₹2.52 (~$0.0303)/kWh in NHPC’s auction for 3 GW of interstate transmission system (ISTS)-connected projects across India. The rest of the winners, Avaada (1,000 MW), Hazel Hybren (300 MW), Jakson (400 MW), Sprng Energy (250 MW), Green Infra Wind Energy (300 MW), Apraava (250 MW), and Hinduja (250 MW) quoted ₹2.53 (~$0.0304)/kWh. Hinduja Renewable Energy had bid for 490 MW but was awarded 250 MW.

#2 Avaada Energy, Sprng Energy, and ReNew Solar Power (ReNew) won 300 MW, 250 MW, and 300 MW in Solar Energy Corporation of India’s (SECI) auction to set up 1 GW of ISTS-connected solar power projects (Tranche XII). Solarcraft Power India 8 (Blupine Energy) quoted ₹2.53 (~$0.0304)/kWh to win 150 MW capacity.

#3 Solairedirect Energy India (ENGIE) won 300 MW, and ReNew Solar Power won 400 MW by quoting ₹2.55 (~$0.031)/ kWh in REC Power Development and Consultancy’s auction to develop 1,250 MW ISTS-connected solar power projects (Tranche-I). NTPC Renewable Energy, which had bid for the entire capacity, won 550 MW by quoting ₹2.56 (~$0.031)/kWh.

#4 SAEL and ReNew won 600 MW each in SECI‘s auction to set up 2 GW ISTS-connected solar projects (Tranche XI) in India by quoting ₹2.60 (~$0.032)/kWh. Eden won 300 MW by quoting ₹2.60 (~$0.032)/kWh, and Jakson secured 200 MW by quoting ₹2.60 (~$0.032)/kWh. Shiva Corporation quoted ₹2.60 (~$0.032)/kWh for 100 MW. Avaada was the only bidder to quote ₹2.61 (~$0.032)/kWh and bagged 200 MW out of the quoted capacity of 500 MW.

#5 Mahindra Susten and Sunfree Energy (SAEL) won 200 MW in Rajasthan Urja Vikas Nigam’s auction to supply 1 GW of power from state transmission utility-connected solar power projects in the state at a quoted tariff of ₹2.61 (~$0.032)/kWh. Avaada Energy won 200 MW at ₹2.62 (~$0.032)/kWh. Blupine Energy won 150 MW by quoting 2.61 (~$0.032) /kWh, and Jakson bagged 100 MW at ₹2.61 (~$0.032)/kWh. Shiva Corporation secured 50 MW at ₹2.61 (~$0.032)/kWh. SJVN won 100 MW out of the quoted capacity of 300 MW under the bucket-filling method by quoting ₹2.62 (~$0.032)/kWh.

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