Solar Auctions Surge by 229% in Q1 2024, Tender Activity Up 122%

A total of 25 GW of solar projects were auctioned during the quarter


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 (YoY).

Solar tenders floated by various agencies during Q1 2024 rose 122% YoY to over 30.7 GW and 92.2% QoQ.

The rise in tender and auction activity is primarily due to renewable energy agencies accelerating their efforts to meet their bidding targets for the financial year.

Tenders and auction activity comprised standalone solar, floating solar, and wind-solar hybrid projects. For wind-solar hybrid tenders, the solar capacity is calculated at a ratio of 67% of the total tendered hybrid capacity where specific solar capacities are not mentioned.

Quarterly Tenders and Auctions Q1 2024 Chart

Top Tender Issuing Agencies in Q1 2024

Maharashtra State Electricity Distribution Company (MSEDCL) issued the highest capacity or tenders at 7.4 GW, accounting for 24.1% of the total tendered capacity in Q1. MSEB Solar Agro Power and NTPC  were the second-highest tendering agencies, with 4.3 GW each, accounting for ~14% of the total tendered capacity.

The Solar Energy Corporation of India (SECI), with 2.6 GW, and Uttar Pradesh Power Corporation (UPPCL), with 2 GW, rounded off the top five, accounting for 8.5% and 6.5% of the total tendered capacity.

Large Tenders in Q1 2024

MSEDCL invited bids for the procurement of power on a long-term basis from 5,000 MW grid-connected solar photovoltaic power projects.

UPPCL issued a tender to set up 2 GW of grid-connected solar projects under the build-own-operate and maintain (BOOM) model for 25 years.

SECI invited bids to set up 1,500 MW ISTS-connected solar projects under Tranche XIV.

Major Auctions in Q1 2024

MSEB Solar Agro Power’s auction for 7.78 GW of solar projects was the highest capacity auctioned during the quarter. In second place was NTPC’s auction for 1.584 GW for firm and dispatchable renewable energy (FDRE), followed by SJVN’s 1.5 GW solar auction.

SJVN Green Energy, Megha Engineering & Infrastructures, and Avaada Energy were amongst the winners of MSEB Solar Agro Power’s auction to procure over 7 GW solar power under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program.

ABC Cleantech (Axis Energy), Juniper Green Energy, Serentica Renewables India 11 (Serentica Renewables), Tata Power Renewable Energy, and ReNew Solar Power (ReNew) won NTPC’s auction to supply 3 GW of FDRE from ISTS-connected projects under FDRE Tranche II.

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

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