The Ministry of New & Renewable Energy (MNRE) in India has released a bidding trajectory for renewable energy power projects to achieve its target of 500 GW of installed electricity capacity from non-fossil sources by 2030. The trajectory prescribes bids for RE capacity of 50 GW per annum, with at least 10 GW per annum of wind energy capacity, to be issued each year from FY 2023-24 to FY 2027-28.
For FY 2023-24, the bids for RE capacity of 50 GW are to be issued in four quarters:
At least 15 GW of RE capacity in Q1 (April-June)
At least 15 GW of RE capacity in Q2 (July-September)
At least 10 GW of RE capacity in Q3 (October-December)
At least 10 GW of RE capacity in Q4 (January-March)
The bids may consist of vanilla solar, vanilla wind, solar-wind hybrid, round-the-clock (RTC) renewable energy power, etc., with or without storage, or any other combination, based on the assessment of the renewable energy market or as per the directions of the Government. The year-wise targeted bid capacity would be allocated among the Renewable Energy Implementing Agencies (REIAs) by the Government.
The MNRE has advised that bids are to be floated in accordance with relevant Standard Bidding Guidelines issued by the Government, and REIAs should issue bids in coordination with other REIAs to avoid concurrent bids.
This announcement aims to boost India’s renewable energy sector and help the country achieve its climate goals.