SAEL, NTPC, BluPine Emerge Victorious in SECI's Solar Auction

The Solar Energy Corporation of India (SECI) has announced the results of its latest auction for 1.2 GW of interstate transmission system (ISTS)-connected solar power projects under Tranche XVI. SAEL Industries, NTPC Renewable Energy, and BluPine Energy have emerged victorious in a competitive bidding process.

SAEL Industries secured 250 MW capacity, while NTPC Renewable Energy won 200 MW, both at a competitive tariff of INR 2.48 per kWh. BluPine Energy captured a 50 MW share with a slightly higher tariff of INR 2.49 per kWh. Highlighting the competitive nature of the bidding process, this auction only offered 500 MW of capacity.

Winners will enter into 25-year power purchase agreements (PPAs) with SECI, committing to deliver solar power at the agreed tariffs. The projects will involve not only the construction of solar power stations but also the necessary transmission infrastructure, land acquisition, installation, and obtaining regulatory approvals. The stipulated minimum interconnection voltage for the ISTS is 220 kV.

Importantly, only solar modules from the Ministry of New and Renewable Energy's Approved List for Models and Manufacturers will be used in these projects. Following this auction, SECI has issued a call for bids for 2,000 MW of ISTS-connected solar power projects, complemented by 1,000 MW/4,000 MWh of energy storage systems under Tranche XVII. 

India’s renewable energy sector is advancing rapidly. NHPC has issued a tender for 2.4 GW of solar projects and is seeking developers for 1,200 MW of firm, dispatchable power with energy storage. NTPC has also launched a 1,200 MW tender and secured 3,445 MW of projects in FY24, aiming for a 60 GW target by 2032. 

Meanwhile, government-owned SECI’s FDRE tender achieved a record-low tariff of Rs 4.98 per unit for 630 MW, and JSW Energy secured a 230 MW supply contract from SECI. Numerous developments like these in recent times underscore India’s proactive approach toward its renewable energy goals, with a record-setting 26 GW of renewable tenders closed in Q1 2024.