Apraava, Avaada, ReNew, JSW Win NTPC’s 1.5 GW Tranche III Solar Auction

The lowest tariff quoted in the auction was ₹2.68/kWh


Apraava Energy, Avaada Energy, ReNew Solar Power (ReNew), and JSW Neo Energy (JSW Energy) have won NTPC’s auction to set up 1,500 MW of interstate transmission system (ISTS)-connected solar power projects (Tranche III) across India.

Apraava quoted the lowest tariff of ₹2.68 (~$0.0322)/kWh to win 50 MW.  Avaada and ReNew won 750 MW and 300 MW, respectively, at a tariff of ₹2.69 (~$0.0323)/kWh.

JSW was awarded 400 MW out of the 700 MW quoted capacity at a tariff of ₹2.69 (~$0.0323)/kWh.

NTPC's 1.5 GW ISTS-Connected Solar Power Projects (Tranche-III) Auction Result

NTPC floated the tender in February 2024.

In NTPC’s Tranche II auction to set up 1,500 MW ISTS-connected solar projects in March, Furies Solren (Mahindra Susten), JSW Neo Energy, and Avaada Energy were declared winners.

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.

Recently, NTPC Renewable Energy (NTPC REL) invited bids for the engineering, procurement, and construction package for 225 MW of grid-connected solar projects to be set up in Gujarat State Electricity Corporation (GSECL)’s renewable energy park at Khavda (GSECL Stage-3).

Earlier, NTPC REL invited bids for land and power evacuation packages to develop 900 MW ISTS-connected solar projects in the Neemuch Region of Madhya Pradesh.

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.

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