ACME Cleantech Solutions, Juniper Green Energy, Tata Power Renewable Energy, Solarcraft Power India (Blupine), TEQ Green Power XVI (O2 Power), Hero Solar Energy, and ReNew Solar Power emerged victorious in SJVN's auction, securing the contract to supply 1,500 MW of power from interstate transmission system (ISTS)-connected renewable energy projects with energy storage throughout India.
ACME, Juniper, and Tata clinched their respective capacities at a tariff of Rs 4.38 (~$0.0526)/kWh, with ACME securing 250 MW, Juniper 200 MW, and Tata 200 MW.
The remaining winners?ReNew (184 MW), Solarcraft (150 MW), Hero (120 MW), and TEQ (80 MW)?quoted Rs 4.39 (~$0.0527)/kWh.
ReNew had bid for 300 MW but was ultimately awarded 184 MW through the bucket-filling method. The reverse auction established the opening L1 tariff at Rs 4.55 (~$0.0546)/kWh. SJVN granted contracts for only 1.18 GW out of the initially tendered 1.5 GW capacity.
The tender, launched by SJVN in June, mandated that projects be developed on a build, own, and operate basis. Developers with existing or under-construction untied capacity in renewable energy or storage projects were eligible to bid. The selected developers are also responsible for securing ISTS connectivity at their own expense, as per applicable regulations.
Furthermore, SJVN specified that wind turbine models listed in the Revised List of Models and Manufacturers and solar modules registered in the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy must be utilised in the projects.
Projects are required to maintain an annual capacity utilisation factor (CUF) of at least 40%. Developers must ensure generation that aligns with an annual CUF within +10% and -15% of the declared value throughout the 25-year power purchase agreement duration.
According to Mercom India Research, solar auctions witnessed an 86% year-over-year (YoY) increase in the third quarter of 2023, with a 7% YoY rise in tender activity. Stay updated on real-time tender and auction activity by subscribing to Mercom's India Solar Tender Tracker.
