India Sees 5 per cent YoY Rise in Solar Tenders

Solar power project tenders in India increased by 5 per cent year-over-year (YoY) to over 13 GW during the third quarter (Q3) of 2023, according to Mercom India Research. Tender announcements remained steady quarter-over-quarter (QoQ) despite the government's 50 GW renewable energy trajectory target for financial years 2024-28. Solar auctions during the quarter saw an 86 per cent YoY increase, with 7 GW of projects auctioned, a 4 per cent QoQ rise. These activities included standalone solar and solar-wind hybrid projects. Public sector undertakings like SECI, PSPCL, and RUVNL accounted for 63% of this quarter's auction capacity. The highest-capacity tenders in the quarter included SECI's 2 GW solar auction, followed by auctions by PSPCL and RUVNL at 1.2 GW each. Major tenders included SJVN's bid for 1,500 MW wind-solar hybrid power projects and SECI's 1,260 MW firm power supply from renewable energy projects. Auction winners included SAEL, ReNew, Eden Renewables, Jakson, Shiva Corporation, and Avaada Energy, among others. The growth in solar power project tenders and auctions reflects India's continued push towards renewable energy development.