Government-owned renewable energy agencies floated 10.7 GW of tenders in the second quarter (Q2) of 2024, down 65.2% from 30.7 GW in the previous quarter and 21.6% from 13.6 GW in the same quarter last year.

The annual bidding trajectory announced by the Ministry of New and Renewable Energy (MNRE) in April 2023 drove tender activity in the financial year 2023-24 (FY24). The ministry mandated annual bid invitations for 50 GW of renewable energy projects by Solar Energy Corporation of India (SECI), NHPC, NTPC, and SJVN between FY24 and FY28.

In April 2023, the ministry also assigned monthly bid targets for each agency. However, for FY25, no such agency-wise monthly/quarterly bidding targets have been announced.

Auction announcements fell 73.2% from 25.1 GW in Q1 2024 to 6.7 GW in Q2. The auction activity dropped marginally from the same quarter in 2023.

Issues around the pricing of domestic solar modules after the reimposition of the Approved List of Models and Manufacturers order from April 1, 2024, and a significant pipeline of auctioned projects with unsigned power purchase agreements discouraged developers from participating in new bids, leading to a decline in activity during the quarter.

The quarter’s tender and auction activity comprised standalone solar, floating solar, and wind-solar hybrid tenders. Solar capacity is calculated at 67% of the total tendered hybrid capacity for wind-solar hybrid tenders in places where specific solar capacities are not mentioned.

Top Tender Issuing Agencies in Q2 2024 

SECI issued the highest tender capacity in the quarter, contributing 22.7% of the total. NTPC and UPPCL accounted for 21.8% and 18.7%, respectively.

NHPC and SJVN rounded off the top five, representing 13.1% and 12.2% of the total tenders issued during the quarter, respectively.

Major Tenders Announced in Q2 2024 

UPPCL invited bids from project developers to set up 2 GW of grid-connected solar power projects in India under the build-own-operate-maintain model for 25 years.

NTPC issued a tender to set up a 1.2 GW interstate transmission system (ISTS) connected to solar power projects. The agency also invited bids from developers to supply 1.2 GW of firm and dispatchable power (assured peak power supply) from ISTS-connected renewable energy projects in a built-own-operate arrangement.

SECI floated a tender to develop 1.2 GW of ISTS-connected solar photovoltaic projects across India under Tranche XVI on a build, own, operate basis. It also retendered a solar project with 600 MW/1,200 MWh energy storage systems under Tranche XV.

NHPC issued a tender to select developers to set up 1.2 GW ISTS-connected solar power projects anywhere in India.

Major Auctions in Q2 2024

Apraava Energy, Avaada Energy, ReNew Solar Power (ReNew), and JSW Neo Energy (JSW Energy) won NTPC’s auction to set up 1.5 GW ISTS-connected solar projects (Tranche III).

AMPIN Energy, Ganeko Solar (Solarpack), Inaayu Renewables (EverGreen Power), Juniper Green Energy, Datta Power Infra, JSW Neo Energy, and Avaada Energy were awarded SJVN Green Energy’s tender to develop 1.5 GW of ISTS-connected wind and solar hybrid power projects.

Juniper Green Energy, Asurarai Renewables (UPC Renewables), AMPIN Energy, Adyant Enersol (Datta Infra), JSW Energy, and Avaada Energy were winners in SECI’s auction to develop 1.2 GW ISTS-connected wind-solar hybrid power projects (Tranche VIII).

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