NHPC, the National Hydroelectric Power Corporation, has unveiled the results of its auction for 3000 MW interstate transmission system (ISTS)-connected solar power projects across India. The winning bidders and their awarded capacity in megawatts (MW) along with their respective tariffs in Indian Rupees per kilowatt-hour (₹/kWh) are as follows:
- Solairedirect Energy India (Engie): 250 MW at ₹2.52/kWh
- Avaada Energy: 1000 MW at ₹2.53/kWh
- Hazel Hybren (Mahindra): 300 MW at ₹2.53/kWh
- Jakson: 400 MW at ₹2.53/kWh
- Sprng Energy: 250 MW at ₹2.53/kWh
- Green Infra Wind Energy: 300 MW at ₹2.53/kWh
- Apraava Energy: 250 MW at ₹2.53/kWh
- Hinduja Renewable Energy: 250 MW at ₹2.53/kWh
While Hinduja Renewable Energy had initially bid for 490 MW, it was eventually awarded 250 MW through the bucket-filling method. In contrast, all the other developers were granted the full capacity they had quoted in their bids.
It is noteworthy that, out of the eight winning bidders, seven of them proposed a tariff of ₹2.53 per kilowatt-hour, making it the second-lowest bid in the competition.
NHPC will now proceed to enter into Power Purchase Agreements (PPAs) with the selected bidders, establishing a 25-year contract commencing from the Scheduled Commissioning Date of each project.
To further incentivize these projects, the successful bidders will have the opportunity to avail themselves of fiscal incentives, including Accelerated Depreciation, Concessional Customs and Excise Duties, and Tax Holidays, which are applicable to such renewable energy ventures. This initiative reflects NHPC’s commitment to expanding India’s solar power capacity and facilitating the growth of clean energy in the country.
The tender for these projects was initially floated in June of this year.