Daily News Wrap-Up: NTPC’s 1 GW Wind-Solar Hybrid Auction

Solar auctions surge by 229% in Q1 2024, tender activity up 122%

April 18, 2024


Sprng EnergyAMPIN Energy TransitionJuniper Green EnergyReNew Solar Power, and Avaada Energy have won NTPC’s auction for the supply of 1,000 MW power from inter-state transmission system-connected wind-solar hybrid power projects anywhere in India under Tranche V. Sprng Energy secured 150 MW with a tariff of ₹3.41 ($0.0407)/kWh, while AMPIN Energy secured an equal capacity at ₹3.42 ($0.0408)/kWh. Juniper clinched the same capacity at a slightly higher tariff of ₹3.43 ($0.0410)/kWh.

Auctioned solar capacity in India surged to over 25 GW in the first quarter (Q1) of 2024 from 820 MW in Q1 2023, primarily due to the new bidding guidelines mandating that auctions be conducted within 110 days of bid submission dates. According to Mercom India Research data, solar auctions increased by 229% quarter-over-quarter (QoQ) from 7.62 GW and 2,957% year-over-year. Solar tenders floated by various agencies during Q1 2024 rose 122% YoY to over 30.7 GW and 92.2% QoQ.

Global cumulative wind power capacity surpassed the 1 TW mark in 2023, achieving a YoY growth of 13%, according to the Global Wind Energy Council’s Global Wind Report 2024. Onshore wind witnessed 106 GW of capacity added to the grid in 2023, achieving a 54% YoY growth. For the first time, more than 100 GW of new onshore wind capacity was installed globally in a single year. China and the U.S. remained the world’s two largest markets for onshore wind additions, followed by Brazil, Germany, and India.

Bengaluru-based biofuels firm GPS Renewables has secured $50 million in debt financing from a consortium of banks and non-banking financial companies to accelerate the nationwide rollout of its Compressed Biogas and Renewable Natural Gas projects. The company provides end-to-end solutions for developing, producing, and distributing biofuels, focusing on technologies such as CBG/RNG, 2G ethanol, and green hydrogen. It had previously raised $20 Million in equity funding.