Furies Solren, JSW Neo, and Avaada Secure Wins in NTPC’s Tranche II Competitive 1500 MW Solar Auction

In a significant development in India’s renewable energy sector, the National Thermal Power Corporation (NTPC) concluded a reverse auction on March 18, 2024, for a massive 1500 MW solar project under the Interstate Transmission System (ISTS) Connected Solar, Tranche II. This auction saw competitive bidding, with the opening Levelized cost of electricity (LCOE) set at INR 2.66 per kWh, indicating a keen interest in India’s green energy expansion.

The auction resulted in Furies Solren Private Limited (Mahindra Susten), JSW Neo Energy Limited, and Avaada Energy Private Limited emerging as the successful bidders among numerous contenders. Furies Solren Private Limited secured a 300 MW project at the lowest final tariff of INR 2.59 per kWh, underscoring the company’s competitive edge in offering affordable renewable energy solutions.

JSW Neo Energy Limited was awarded a significant 700 MW capacity, with a final tariff slightly higher at INR 2.60 per kWh. This marks a substantial commitment by JSW Neo Energy towards bolstering India’s solar power infrastructure and reflects the company’s long-term vision in the renewable energy sector.

Avaada Energy Private Limited, another key player, bid for 750 MW but was awarded 500 MW at the same competitive tariff of INR 2.60 per kWh. The outcome of this auction is a clear indicator of the robust competition and the decreasing cost trend in the renewable energy market, which is pivotal for India’s ambitions to enhance its green energy capacity and reduce carbon emissions in the coming years.