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. When co-located, these projects also have better utilization of transmission infrastructure and are cost-effective compared to standalone installations.

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.

Here is the list of the lowest wind-solar hybrid power tariffs discovered in auctions during 2024, according to Mercom India Research:

#1 The lowest tariff of ₹3.15 (~$0.037)/kWh was quoted by NTPC to win 300 MW in Solar Energy Corporation of India’s (SECI) 2,000 MW auction to develop interstate transmission system (ISTS)-connected wind-solar hybrid power projects under Tranche VII.

#2 The second lowest tariff of ₹3.19 (~$0.0379)/kWh was quoted by Gentari Renewables India Utilities 2, Juniper Green Energy, EG Energy Development (Enfinity Global), Sunsure Solarpark RJ One, and Adyant Enersol (Datta Infra) to win 400 MW, 300 MW, 300 MW, 130 MW, and 70 MW respectively. This tariff was discovered in SJVN’s auction to set up 1,200 MW of ISTS-connected wind-solar hybrid power projects (Phase III).

#3 The third lowest tariff of ₹3.25 (~$0.0387)/kWh was quoted by ACME Solar and Juniper Green Energy to win 300 MW and 150 MW, respectively, in SECI’s auction to develop 600 MW ISTS-connected wind-solar hybrid power projects (Tranche IX).

#4 The fourth lowest tariff of ₹3.27 (~$0.0395)/kWh was quoted by ABC Cleantech to win 750 MW capacity in NTPC’s 1,500 MW ISTS-connected wind-solar hybrid power projects under Tranche IV.

#5 KPI Green Energy quoted the lowest tariff of ₹3.33 (~$0.0399)/kWh to win 50 MW in Gujarat Urja Vikas Nigam’s 500 MW grid-connected wind-solar hybrid power projects (Phase-II) with a 500 MW greenshoe option.