Bid invitations for utility-scale solar projects in calendar year (CY) 2024 surpassed annual tender announcements of all previous years. Several entities floated tenders totaling 79.3 GW, up 39% from 57 GW in 2023.

In 2024, 48.1 GW of utility-scale solar projects were auctioned, a 117% increase year-over-year (YoY) from 22.2 GW.

A significant increase in tender announcements by renewable energy implementation agencies to comply with the annual bidding trajectory and increased compliance with the bidding process completion timeline specified in the new bidding guidelines for solar and wind-solar hybrid power projects drove the auction activity in 2024.

Standalone solar dominated utility-scale solar tenders in 2024, accounting for 78.4% of the capacity. Solar projects with battery energy storage systems (BESS) followed at 13.7%, while wind-solar hybrid projects ranked third with 6.6%. Floating solar projects made up 1.1%, placing fourth.

The tender and auction activity tracked by Mercom India comprises large-scale standalone solar and wind-solar hybrid power projects. For wind-solar hybrid power tenders, the solar capacity is calculated at a ratio of 67% of the total tendered hybrid power capacity in projects where specific solar capacities are not mentioned.

The top five agencies accounted for 71% of the utility-scale solar projects tendered in 2024.

Major Tenders in 2024 

RUVITL invited bids to procure 8 GW of solar power to fulfill the state’s renewable purchase obligation (RPO) and renewable generation obligation (RGO) targets for coal/lignite-based generators.

MSEDCL also floated a tender to procure 5 GW of solar power to meet the state’s RPO and RGO targets of coal/lignite-based generators.

The Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) issued a tender to install 3.2 GW solar projects at various locations to solarize segregated agricultural feeders at distribution substation for sale of power to Uttar Pradesh Power Corporation (UPPCL) through the renewable energy service company model under C2 component of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM – KUSUM) program.

UPPCL issued a 2 GW tender to add solar power in the state under build, own, operate, and maintain for 25 years through tariff-based competitive bidding.

SECI invited bids for installing 2 GW inter-state transmission system-connected solar power projects with 1 GW/4 GWh energy storage systems under Tranche XVII.

Major Auctions in 2024

SJVN Green Energy, Megha Engineering & Infrastructures, Avaada Energy, Maharashtra State Power Generation Company, and NACOF Oorja were amongst the winners of MSEB Solar Agro Power’s auction to procure 7.8 GW solar power under Component C of the PM – KUSUM program.

NTPC Renewable Energy, Sembcorp Green Infra, Blupine Energy, Hero Solar Energy, and Reliance Power won the SECI’s Tranche XVII auction to develop 2,000 MW of inter-state transmission system (ISTS)-connected solar power projects integrated with 1,000 MW/4,000 MWh energy storage systems.

JSW Energy, Tata Power Renewable Energy, Avaada Energy, and Juniper Green Energy won MSEDCL’s auction to supply 1,650 MW of wind-solar hybrid power on a long-term basis from grid-connected intrastate projects with a greenshoe option of up to 1,650 MW.

Apraava Energy, Avaada Energy, ReNew, and JSW Energy won NTPC’s auction to set up 1,500 MW of ISTS-connected solar power projects (Tranche III) across India.

AMPIN Energy Transition, Zelestra, EverGreen Power, Juniper Green Energy, Datta Infra, JSW Energy, and Avaada Energy were awarded SJVN Green Energy’s tender to develop 1,500 MW of ISTS-connected wind-solar hybrid power projects in India.

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