+
Solar auctions surge: 82% growth in 2023, 22.2 GW projects auctioned
ECONOMY & POLICY

Solar auctions surge: 82% growth in 2023, 22.2 GW projects auctioned

According to Mercom India Research, solar auctions experienced an 82% year-over-year (YoY) growth in the calendar year 2023, with 22.2 GW projects successfully auctioned. This surge was attributed to declining module prices, streamlined balance of system (BoS) and module supply, along with stable BoS prices.

In 2023, solar tender activity also saw a significant increase, rising by 50% YoY, with entities announcing tenders totalling over 57 GW. This uptick was driven by implementation agencies aiming to meet targets outlined in the bidding trajectory set by the Ministry of New and Renewable Energy (MNRE).

Mercom India's coverage included large-scale standalone solar and wind-solar hybrid projects. For wind-solar hybrid tenders, the solar capacity constituted 67% of the total tendered hybrid projects, where solar capacities were unspecified.

Among the top agencies issuing tenders, NTPC led with bids totalling 7.1 GW, closely followed by Solar Energy Corporation of India (SECI) with tenders totalling nearly 7 GW. Both agencies saw substantial increases of almost 358% and over 55%, respectively, in bid invitations.

The agencies primarily focused on tenders for interstate transmission system (ISTS)-connected solar and wind-solar hybrid power projects, including significant capacities for floating solar projects.

Jodhpur Vidyut Vitran Nigam (JDVVNL), SJVN, and Rajasthan Urja Vikas Nigam (RUVNL) played key roles, issuing tender capacities of 5.4 GW, 4.3 GW, and 3.7 GW, respectively. Notably, JDVVNL did not float large-scale solar or wind-solar hybrid project tenders in 2022, while SJVN and RUVNL had limited tender activity.

The top five agencies collectively accounted for over 48% of the projects tendered in

According to Mercom India Research, solar auctions experienced an 82% year-over-year (YoY) growth in the calendar year 2023, with 22.2 GW projects successfully auctioned. This surge was attributed to declining module prices, streamlined balance of system (BoS) and module supply, along with stable BoS prices. In 2023, solar tender activity also saw a significant increase, rising by 50% YoY, with entities announcing tenders totalling over 57 GW. This uptick was driven by implementation agencies aiming to meet targets outlined in the bidding trajectory set by the Ministry of New and Renewable Energy (MNRE). Mercom India's coverage included large-scale standalone solar and wind-solar hybrid projects. For wind-solar hybrid tenders, the solar capacity constituted 67% of the total tendered hybrid projects, where solar capacities were unspecified. Among the top agencies issuing tenders, NTPC led with bids totalling 7.1 GW, closely followed by Solar Energy Corporation of India (SECI) with tenders totalling nearly 7 GW. Both agencies saw substantial increases of almost 358% and over 55%, respectively, in bid invitations. The agencies primarily focused on tenders for interstate transmission system (ISTS)-connected solar and wind-solar hybrid power projects, including significant capacities for floating solar projects. Jodhpur Vidyut Vitran Nigam (JDVVNL), SJVN, and Rajasthan Urja Vikas Nigam (RUVNL) played key roles, issuing tender capacities of 5.4 GW, 4.3 GW, and 3.7 GW, respectively. Notably, JDVVNL did not float large-scale solar or wind-solar hybrid project tenders in 2022, while SJVN and RUVNL had limited tender activity. The top five agencies collectively accounted for over 48% of the projects tendered in

Next Story
Infrastructure Urban

REC honoured with ‘Best Design Thinking Award’ at DNA Awards 2025

REC, a Maharatna NBFC under the Ministry of Power, has received the ‘Best Design Thinking Award’ at the 5th Distinguished NBFC Awards (DNA Awards) hosted by Banking Frontiers.The award acknowledges REC’s digital initiatives in Retail Bonds, highlighting the company’s efforts to leverage technology and design thinking to improve customer experience and service delivery.Jitendra Srivastava, CMD, REC, congratulated the finance team for their commitment and contribution towards driving innovation. Harsh Baweja, Director (Finance), along with senior officials, joined in celebrating the reco..

Next Story
Infrastructure Urban

How India’s Logistics Sector Becoming Smarter, Faster, and Fairer

India’s logistics system, once criticized for being slow and fragmented, is now showing signs of a genuine turnaround. Policy reforms, new infrastructure, and rapid adoption of technology are changing the way goods move across the country. Officials argue the impact will be felt not just in lower costs, but in faster operations and more equitable opportunities for small businesses.Smarter: Digital Innovation Taking HoldThe biggest shift has been digital. Artificial Intelligence (AI), Machine Learning (ML), IoT and block chain are no longer buzzwords, they are now being used on the ground. Fl..

Next Story
Infrastructure Urban

Hindustan Zinc Charts Multi-metal Future as Cornerstone of 2x Growth Strategy

Hindustan Zinc, a Vedanta Group company and the world’s largest integrated zinc producer, has announced a bold transformation agenda – Hindustan Zinc 2.0 – to evolve from a zinc-and-silver leader into a diversified, multi-metal enterprise powering India’s future growth.Addressing shareholders at the company’s 59th Annual General Meeting, Chairperson Priya Agarwal Hebbar said, “Hindustan Zinc is moving beyond its zinc and silver legacy to become a multi-metal, future-ready enterprise. As demand for critical minerals grows across clean energy, digital infrastructure, and national sec..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?