SECI 1,200 MW Solar Plus Storage Auction: JSW Neo Energy, ACME Solar, Hero Solar and Pace Digitek Emerge as Major Winners with Competitive Tariffs as Low as ₹3.41/kWh

The Solar Energy Corporation of India (SECI) recently concluded its auction for 1,200 MW of solar power coupled with 600 MW/1200 MWh of Battery Energy Storage Systems (BESS) under the ISTS Tranche-XV scheme. The results revealed a highly competitive bidding process, with the winning tariffs differing by just a single rupee.

The recent SECI’s auction in India marked a significant milestone by achieving a bid of ₹3.41/kWh for a 1,200 MW solar power project with 1,200 MWh of storage. This breakthrough demonstrates that low-cost energy storage has arrived in India, with profound implications for future investments in both peak and baseload power.

Pace Digitek Infra has secured a 100 MW project by bidding ₹3.41 per kWh, making them the lowest bidder in a competitive auction. JSW Neo Energy won 500 MW, slightly higher at ₹3.42 per kWh, down from their initial bid of 600 MW. ACME Solar Holdings and Hero Solar Energy also secured contracts for 350 MW and 250 MW respectively, all at the same tariff of ₹3.42 per kWh. This highlights the fierce competition among participants, who employed aggressive pricing strategies to secure their portions of the project.

Renowned players such as NTPC REL, Solarcraft, Rays Power Infra, ReNew Solar Power participated in the tender but failed to secure any capacity, primarily due to their higher quoted tariff rates compared to the winning bids. Despite their established industry presence, they encountered fierce competition from other bidders who offered more competitive pricing.

The auction underscores the robust interest and competitive nature of India’s renewable energy sector and cost-effectiveness of integrating BESS with solar projects. This close bidding scenario is a testament to the evolving dynamics of the solar energy market in India, driven by technological advancements and economies of scale.