SJVN (Satluj Jal Vidyut Nigam) has concluded the auction for its 1,200 MW ISTS (Inter-State Transmission System) solar power projects, marking a significant milestone with highly competitive tariff results. The auction drew participation from several prominent renewable energy companies, including ACME Solar, SAEL, OnWard Solar Power, Essar Renewables, and NTPC Renewable Energy Ltd. (NTPC REL).
Four of the companies—ACME Solar, SAEL, OnWard Solar Power and Essar Renewables—emerged as successful bidders, securing projects at a tariff of ₹2.52 per kWh. ACME Solar and SAEL each won bids for 300 MW, while Essar Renewables also secured 300 MW. OnWard Solar Power was awarded a 100 MW capacity project. NTPC REL also succeeded in the auction, securing a 200 MW capacity project at a slightly higher tariff of ₹2.53 per kWh.
SJVN initially floated the tender in May for the development of the 1,200 MW ISTS-connected solar power projects across India, adopting a Tariff-Based Competitive Bidding approach. The company plans to enter into a 25-year Power Purchase Agreement (PPA) with the selected bidders, based on the terms outlined in the Request for Selection (RfS) and the PPA. Bidders were allowed to propose project capacities ranging from a minimum of 50 MW to a maximum of 600 MW. For projects located in the North-Eastern States and Special Category regions, the minimum project capacity was set at 30 MW. Furthermore, the project capacity had to be structured in multiples of 10 MW.
The auction result underscore the intense competition among renewable energy developers, with bids coming in at close margins. The competitive tariffs reflect the broader trend of declining solar energy costs in India, reinforcing the viability and affordability of solar power. The auction represents a critical step towards meeting India’s renewable energy targets and demonstrates the strong interest and commitment from major players in the solar sector.
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