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SECI’s 2 GW ISTS Solar Tender Receives Lowest Bid of INR 2.36/kWh

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The Solar Energy Corporation of India’s (SECI) recently announced the results of its 2 GW ISTS auction (Tranche IX). The auction saw a historic low solar tariff of INR 2.36/ kWh.

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The lowest bid was quoted by Spanish Developer Solarpack Corporacion Tecnologica for 300 MW. The second-lowest tariff of INR 2.37/kWh was quoted by Avikaran Surya India Private Limited, Amp Energy Green Private Limited, Eden Renewables, and IB VOGT Singapore Private Limited. AMP Energy won 100 MW of projects whereas others won a total of 300 MW capacity.

ReNew Power Private Limited quoted a tariff rate of INR 2.38 /kWh for 1.2 GW but won a tariff of 400 MW. Tata Power Renewable Energy and O2 Power SG Private Limited quoted a tariff of INR 2.39 /kWh for 600 MW and ₹2.46/kWh for 400 MW but did not successfully win any capacity due to SECI’s bucket filling method.

The auction also saw interest from bidders across the globe which includes Spain, Canada, Italy, UK, and Germany.

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The key trigger for the low tariff rate might be due to zero safeguard duty for developers and Basic Custom duty under the “Change In-law” provision.

Recently we reported that Solar Energy Corporation of India’s (SECI) tender for 2 GW of Interstate Transmission System (ISTS) connected Solar PV Project under tranche IX received an overwhelming response from the project developers which resulted in an over-subscription of tender by about 2.35 GW. The tender received bids of a total of 4,350 MW solar capacity from 12 project developers, according to JMK Research.

The Solar Energy Corporation of India’s (SECI) recently announced the results of its 2 GW ISTS auction (Tranche IX). The auction saw a historic low solar tariff of INR 2.36/ kWh.

The lowest bid was quoted by Spanish Developer Solarpack Corporacion Tecnologica for 300 MW. The second-lowest tariff of INR 2.37/kWh was quoted by Avikaran Surya India Private Limited, Amp Energy Green Private Limited, Eden Renewables, and IB VOGT Singapore Private Limited. AMP Energy won 100 MW of projects whereas others won a total of 300 MW capacity.

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ReNew Power Private Limited quoted a tariff rate of INR 2.38 /kWh for 1.2 GW but won a tariff of 400 MW. Tata Power Renewable Energy and O2 Power SG Private Limited quoted a tariff of INR 2.39 /kWh for 600 MW and ₹2.46/kWh for 400 MW but did not successfully win any capacity due to SECI’s bucket filling method.

The auction also saw interest from bidders across the globe which includes Spain, Canada, Italy, UK, and Germany.

The key trigger for the low tariff rate might be due to zero safeguard duty for developers and Basic Custom duty under the “Change In-law” provision.

Recently we reported that Solar Energy Corporation of India’s (SECI) tender for 2 GW of Interstate Transmission System (ISTS) connected Solar PV Project under tranche IX received an overwhelming response from the project developers which resulted in an over-subscription of tender by about 2.35 GW. The tender received bids of a total of 4,350 MW solar capacity from 12 project developers, according to JMK Research.

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