SECI’s 1500 MW FDRE-II Auction Sees Hero Future, JSW Neo, Serentica Renewables and ReNew Win Big

In a significant move towards enhancing India’s solar energy capacity, the Solar Energy Corporation of India Limited (SECI) conducted a reverse auction on March 12, 2024, for the ISTS Connected FDRE-II project. This initiative is focused on load following solar power projects in Punjab and Madhya Pradesh, aiming to integrate 1500 MW of solar energy into the national grid.

The auction commenced with an opening bid of INR 5.86 per kWh. However, by the end of the auction, competitive bidding from various energy firms led to a noticeable decrease in tariffs, indicating a positive trend towards the affordability and attractiveness of solar energy investments in India.

Hero Solar Energy Private Limited emerged as a leading bidder by securing a capacity of 120 MW at a final tariff of INR 5.59 per kWh. Close behind was JSW Neo Energy Limited, which was awarded 180 MW at a tariff of INR 5.60 per kWh. Serentica Renewables India Private Limited also participated actively in the auction, securing 100 MW at the same tariff of INR 5.60 per kWh. ReNew Solar Power Private Limited, another significant player in the renewable energy sector, was awarded 80 MW out of their bid for 200 MW, at a final tariff matching that of JSW Neo Energy and Serentica Renewables.

This reverse auction underscores the competitive spirit in India’s renewable energy sector, reflecting the commitment of various stakeholders towards achieving the country’s ambitious clean energy targets. The awarded projects are expected to play a crucial role in mitigating carbon emissions and promoting sustainable energy solutions, aligning with India’s vision for a greener future.