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

In a major development in the renewable energy sector, the National Thermal Power Corporation (NTPC) recently conducted a reverse auction for the procurement of 1500 MW solar capacity. The tender, which was initiated in October 2023, witnessed competitive bidding from prominent players in the industry.

Anboto Solar Private Limited (Solarpack) secured a significant portion of the tender, with a quoted capacity of 300 MW, matching the opening L1 tariff of INR 2.60/kWh. Apraava Energy Private Limited and Avaada Energy Private Limited also made substantial bids, each quoting a capacity of 300 MW and 500 MW, respectively. However, Apraava Energy secured the awarded capacity at a final tariff of INR 2.65/kWh, while Avaada Energy matched the same tariff for their 500 MW allocation.

ReNew Solar Power Private Limited secured a portion of the tender with a quoted capacity of 600 MW, but the awarded capacity was finalized at 400 MW, with a final tariff of INR 2.65/kWh.

Notably, Sprng Energy Private Limited bid for a capacity of 250 MW but did not secure an awarded capacity, citing a higher tariff rate of INR 2.74/kWh.

The reverse auction, held on January 4, 2024, marks a significant milestone in NTPC’s commitment to expanding its solar energy portfolio. The successful bids highlight the competitiveness of the solar power market and the industry’s dedication to achieving affordable and sustainable energy solutions.