NTPC Renewable Energy, ReNew Solar Power, Fastnote Biofuels (Hindustan Power), and Adani Renewable Energy Holding Twelve were declared winners in Uttar Pradesh Power Corporation’s (UPPCL) auction to set up 2 GW solar power projects.

NTPC and ReNew won 1,000 MW and 300 MW, respectively, at a tariff of ₹2.56 (~$0.0299)/kWh.

Fastnote quoted a tariff of ₹2.57 (~$0.0300)/kWh to win 300 MW. Adani won 400 MW out of the 1,000 MW quoted under the bucket filling method for ₹2.57 (~$0.0300)/kWh.

NTPC’s project will be located in Uttar Pradesh, while ReNew will set up its projects in Rajasthan, Telangana, Maharashtra, Karnataka, Gujarat, Madhya Pradesh, and Andhra Pradesh.

Fastnote will set up the project in Madhya Pradesh and Adani in Rajasthan.

The tender was issued in February 2024.

The bidders were permitted to utilize financial incentives, such as accelerated depreciation, preferential customs and excise duties, tax holidays, and similar benefits applicable to such projects.

Bidders who have either operational solar power projects/storage projects or are in the process of constructing such projects and possess unutilized capacity were allowed to participate in this tender.

In such instances, they will be granted the advantage of an extended power purchase agreement (PPA) duration, aligning with the time difference between the actual commencement of power supply and the scheduled commencement of supply date.

Bidders who had already entered into PPAs with UPPCL by the bid submission deadline were prohibited from unilaterally terminating these agreements and engaging in this tender.

No separate central financial assistance is envisaged for the implementation of the projects.

A bidder, including its parent, affiliate, or ultimate parent, or any group company, was required to submit a single bid offering a contracted capacity ranging from a minimum of 50 MW to a maximum of 1,000 MW.

The bidder holds the discretion, at its own cost, risk, and responsibility, to determine the project locations. The cumulative capacity of the project can be established either at a single location or configured as a set of blocks distributed across multiple locations, as deemed necessary by the bidder or solar power developer.

In the case of a single project, these blocks must be situated within the same state.

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