Solarpack, Apraava, Avaada and ReNew Win NTPC’s 1.5 GW Solar Auction

The lowest tariff quoted in the auction was ₹2.60 /kWh


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 interstate transmission system (ISTS)-connected solar power projects (Tranche-I) across India.

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.

The entire 1.5 GW capacity was allotted in the auction.

Sprng Energy had quoted ₹2.74 (~$0.0329)/kWh for 250 MW capacity but did not qualify.

NTPC had floated the tender in October 2023.

The tender specified that the solar power developer must maintain an energy supply corresponding to an annual capacity utilization factor of not less than 80% of the declared value and not more than 120% during the power purchase agreement duration of 25 years.

It also directed developers only to use commercially established and operational technologies to minimize the technology risk and achieve timely commencement of power supply from the projects.

NTPC has mandated the use of solar modules from the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy (MNRE).

In December 2023, NTPC Renewable Energy invited bids for land and an extra-high-voltage transmission system package to develop ISTS-connected solar power projects of up to 800 MW capacity in Maharashtra.

The designated Renewable Energy Implementing Agencies by the MNRE 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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