Daily News Wrap-Up: SECI’s Tender for 2 GW Wind-Solar Hybrid Projects

CEA directs renewable developers to report compliance with grid connectivity rules

October 25, 2023


The Solar Energy Corporation of India has invited bids to develop 2,000 MW of interstate transmission system-connected wind-solar hybrid power projects (Tranche VII) in the country. The projects must be commissioned within 24 months of the power purchase agreement date. The last day to submit the bids is December 4, 2023. Bids will be opened on December 7. The cost of the bidding documents is ₹29,500 (~$354). The bid processing fee for projects from 50 MW to 99 MW is ₹500,000 (~$6,012) and ₹1.5 million (~$18,038) for projects of 100 MW and above.

The Central Electricity Authority (CEA) has directed 20 renewable energy projects that had received provisional or conditional connectivity approvals to submit compliance reports, specifying the capacity of non-compliance that should be curtailed or suspended until they fully meet the regulatory requirements. The CEA Chairperson had convened a meeting with stakeholders in the renewable energy sector to address the non-compliance with the Technical Standards for Connectivity to the Grid Regulations.

The Uttarakhand Renewable Energy Development Agency has floated a tender for the empanelment of engineering, procurement, and construction contractors to install up to 4.5 MW of grid-connected rooftop solar systems and small solar power projects across the state. The contractors must complete the projects within six months of the work order’s placement date. The empaneled contractors must also provide a five-year warranty and annual maintenance contract. The estimated cost of work is ₹224.5 million (~$2.7 million). The last day to submit the bids is October 31, 2023. Bids will be opened on the same day.

The government-owned lender Indian Renewable Energy Development Agency has reported a 54% year-over-year increase in profit after tax for the second quarter (Q2) of the financial year (FY) 2023-24, from ₹1.84 billion (~$22.13 million) to ₹2.85 billion (~$34.28 million). The considerable profit growth was primarily driven by the consistent growth in the company’s loan book and a significant reduction in its net non-performing assets to 1.65% in Q2 FY24 from 2.72% in the same period last year, a 39% improvement.

Solar power purchase agreement (PPA) prices in North America increased by 4% during Q3 of 2023, rebounding from a slight dip in Q2. The uptick was driven by price rises within specific Independent System Operators (ISOs). Across the Atlantic, Europe’s solar and wind energy sectors also displayed upward pricing trends during Q3. This shift comes after a period of relative pricing relief in Q1 and Q2. European solar PPA prices in Q3 rose by 2%, indicating that the market may be reaching a new pricing equilibrium. The findings were unveiled in the LevelTen Energy study, which analyzes the North American and European markets, revealing dynamic pricing shifts and shedding light on the challenges buyers and developers face.