Several agencies floated 16.2 GW of tenders in the third quarter (Q3) of the calendar year (CY) 2024, an increase of 51.9% from 10.7 GW in the previous quarter and 19.2% from 13.6 GW in the same quarter last year.

Bid invitations by renewable energy implementation agencies (REIAs), including NTPC, NHPC, SECI, and SJVN, to fulfill MNRE’s annual bidding trajectory target of 50 GW from FY24 to FY28 drove the tendered capacities in Q3. Even though the ministry hasn’t yet notified the quarterly targets by the agencies for FY25, REIAs accounted for 58% of the solar tenders issued in Q3 2024.

Auction announcements fell 13.6% from 6.7 GW in Q2 2024 to 5.8 GW in Q3. The auction activity dropped 17.1% from the same quarter in 2023.

In Q3 2024, the auctioned standalone solar capacity was the lowest compared to the previous four quarters. The market is seeing an increase in demand from off-takers for renewable energy that can meet peak demand that is round-the-clock and firm and dispatchable. Additionally, unsigned power purchase agreements (PPAs) for several projects remain a significant concern for developers participating in auctions.

 

Top Tender Issuing Agencies

The capacity of tenders issued by UPNEDA was the highest in the quarter, contributing 21.7% to the total. SECI and NTPC accounted for 18.6% and 16.1%, respectively.

SJVN and NHPC accounted for 12.8% and 7.4% of the tenders issued in the quarter, respectively.

Major Tenders Announced in Q3 2024

UPNEDA invited bids to set up 3.5 GW of grid-connected solar projects.

SECI issued a tender to develop 2 GW of ISTS-connected solar PV projects with 2 GW/4 GWh Energy Storage Systems (ESS) under Tranche XVII. The agency also issued a tender to develop 1 GW of ISTS-connected solar PV projects.

NHPC floated a tender to develop 1.2 GW ISTS-connected solar projects with 600MW/1.2 GWh of integrated ESS.

SJVN invited bids to develop 1.2 GW ISTS-connected solar projects with 600 MW/2.4 GWh of integrated ESS.

NTPC announced a tender to develop 1.2 GW of ISTS-connected wind-solar hybrid power projects.

Major Auctions in Q3 2024

Onward Solar Power, Jevargi Solar (Rays Infra), Essar Renewables, Mahindra Susten, and Avaada Energy won NHPC’s auction to develop 1.2 GW ISTS-connected solar power projects.

SAEL Industries, NTPC Renewable Energy, and BluPine Energy were declared winners in SECI’s auction to develop 1.2 GW of ISTS-connected solar projects under Tranche XVI on a build, own, and operate basis.

Pace Digitek, Hero Solar Energy (Hero Future Energies), ACME Solar Holdings, and JSW Neo Energy (JSW Energy) were declared winners in SECI’s auction to develop 1,200 MW of ISTS-connected solar projects with 600 MW/1,200 MWh energy storage systems (ESS) under Tranche XV.

ACME Solar Holdings, SAEL Industries, Essar Renewables, Onward Solar Power, and NTPC Renewable Energy won SJVN’s auction to develop 1.2 GW ISTS-connected solar projects.

Essar Renewables, Juniper Green Energy, Serentica Renewables, Hexa Climate Solutions, and Avaada Energy won NHPC’s auction to supply 1,200 MW of firm and dispatchable power from ISTS-connected renewable power projects coupled with an energy storage system (Tranche II).

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