Mahindra, JSW, Avaada Win NTPC’s 1.5 GW Tranche II Solar Auction

The lowest tariff quoted in the auction was ₹2.59 /kWh


Furies Solren (Mahindra Susten), JSW Neo Energy (JSW Energy), and Avaada Energy have won NTPC’s auction to set up 1,500 MW of interstate transmission system (ISTS)-connected solar power projects (Tranche II) across India.

Furies Solren quoted the lowest tariff of ₹2.59 (~$0.0312)/ kWh to win 300 MW. JSW Neo Energy won 700 MW at a tariff of ₹2.6 (~$0.0313)/ kWh.

Avaada Energy was awarded 500 MW out of the 750 MW quoted capacity at a tariff of ₹2.6 (~$0.0313)/kWh.

The other participants who did not qualify in the auction were ReNew Solar Power (ReNew), Solarcraft Power India 8 (BluPine Energy), and TEQ Green Power XIX (O2 Power).

NTPC's 1,500 MW Solar Projects Auction Result

NTPC floated the tender in December 2023.

In NTPC’s Tranche I auction to set up 1,500 MW ISTS-connected solar projects in January, Anboto Solar (Solarpack), Apraava Energy, Avaada Energy, and ReNew Solar Power were declared winners.

Anboto Solar quoted the lowest tariff of ₹2.60 (~$0.0312)/kWh to win 300 MW capacity. Avaada and Apraava quoted a tariff of ₹2.65 (~$0.0318)/ kWh to win 500 MW and 300 MW, respectively. ReNew won 400 MW of the quoted 600 MW capacity at ₹2.65 (~$0.0318)/ kWh.

Recently, NTPC Renewable Energy invited bids for a land and power evacuation package to develop 2 GW ISTS-connected solar power projects in Barmer, Rajasthan.

NTPC Renewable Energy also invited bids for the land and power evacuation package to set up a 150 MW grid-connected solar photovoltaic power project in Bhadla, Rajasthan.

The Renewable Energy Implementing Agencies designated by the Ministry of New and Renewable Energy, including NTPC, issued 35.51 GW of project tenders until December 2023, against the 50 GW target for the financial year 2023-24.

According to Mercom’s India Solar Tender Tracker, NTPC accounted for ~42% of the total capacity tendered during the period.

Subscribe to Mercom’s India Solar Tender Tracker for timely updates on all solar tenders issued by various agencies in India.