SECI’s Tranche-XIV 1500 MW Solar Project Auction Sees Avaada, ReNew, Solairedirect, SAEL and NTPC Secure Wins

In a significant development in India’s renewable energy sector, the Solar Energy Corporation of India Limited (SECI) concluded its reverse auction for the ISTS (Inter-State Transmission System) Connected Solar Project Tranche-XIV, on March 15, 2024. The tender was aimed at commissioning a total capacity of 1500 Megawatts (MW) of solar power, attracting bids from leading players in the solar energy industry.

The reverse auction commenced with an opening Levelized tariff of INR 2.60 per kWh, signaling competitive pricing in the renewable energy market. Avaada Energy Private Limited, ReNew Solar Power Private Limited, Solairedirect Energy India Private Limited, and SAEL Industries Limited emerged as the winning bidders, each securing projects at a final tariff of INR 2.57 per kWh. Avaada Energy and ReNew Solar Power were awarded 300 MW each, Solairedirect Energy secured a 100 MW project, and SAEL Industries bagged the largest share with 600 MW.

NTPC Renewable Energy Limited, another significant participant, was allotted 200 MW out of its 500 MW bid at a slightly higher tariff of INR 2.58 per kWh. Meanwhile, Illuminate Hybren Private Limited (operating under Mahindra Susten) and Sunsure Solarpark Fourteen Private Limited also participated in the bidding process but did not secure any projects, quoting tariffs of INR 2.58 and INR 2.63 per kWh respectively.

This auction marks another step towards India’s ambitious goals for renewable energy expansion, showcasing the competitive and dynamic nature of the solar energy market in the country.