REMC Ltd.’s Reverse Auction Results for RE RTC Technology, Unveiling Capacity Allocations and Tariff Dynamics

REMC Ltd., the Tender Inviting Agency, recently concluded a Reverse Auction for Renewable Energy with Real-Time Connectivity (RE RTC) technology, with or without storage. The tender, initiated in October 2023, aimed at procuring a total capacity of 750 MW. The competitive bidding process transpired on January 30, 2024.

Among the participating bidders, Torrent Power Limited secured the top position by offering a bid capacity and an awarded capacity of 100 MW each, at a competitive L1 Tariff of INR 4.25 per kWh. ReNew Solar Power Pvt Ltd, TEQ Green Power XIII Pvt. Ltd., NTPC Renewable Energy Limited, and ACME Cleantech Solutions Ltd. closely followed, each securing capacities of 200 MW, 100 MW, 200 MW, and 100 MW, respectively. Their successful bids resulted in an awarded capacity of the mentioned amounts, and the final tariff for each of these bidders stood at INR 4.37 per kWh.

Tata Power Renewable Energy secured a portion of the tendered capacity with a bid capacity of 100 MW, but was awarded 50 MW at a slightly higher tariff of INR 4.43 per kWh. Hero Solar Energy Pvt. Ltd. participated with a bid capacity of 100 MW but did not secure any awarded capacity.

The auction showcased a competitive landscape with varying capacities and tariffs among the bidders, contributing to the diversification of renewable energy sources in the region. The finalization of capacities and tariffs reflects the market dynamics and the commitment of stakeholders to advancing renewable energy objectives in line with the technological advancements in the sector.