SJVN’s FDRE II Auction Awards 1,200 MW To Hero Solar, Juniper Green, Ganeko, Renew, And Avaada

Hero Solar Energy, Ganeko Solar (Zelestra), Juniper Green Energy, ReNew, and Avaada have emerged as winners in SJVN’s auction for 1,200 MW of firm and dispatchable power from renewable energy projects connected to the inter-state transmission system (ISTS). This auction was part of the tariff-based competitive bidding process known as FDRE II, which includes energy storage systems.

In this competitive bidding process, four of the five companies—Hero Solar Energy, Ganeko Solar, Juniper Green Energy, and ReNew—submitted bids with a tariff of ₹4.25 per kilowatt-hour (kWh). Avaada was slightly more competitive, bidding one paise higher at ₹4.26/kWh. The winning capacities were as follows: Hero Solar Energy secured 120 MW, Ganeko Solar won 140 MW, Juniper Green Energy received 200 MW, ReNew won 150 MW, and Avaada emerged with the largest share of 590 MW.

The close bidding margins illustrate the intense competition in the renewable energy sector and indicate a continuing trend of decreasing tariffs in wind-solar hybrid projects. This trend is crucial for making renewable energy more affordable and appealing in India.

Earlier in March 2024, SJVN announced a call for proposals to select Renewable Energy (RE) Power Developers for an initiative aiming to supply 600 MW of firm and dispatchable power from renewable energy projects connected to the Indian national grid and equipped with energy storage systems. This initiative also included a “Green Shoe Option,” allowing for the potential expansion of capacity by an additional 600 MW, bringing the total possible capacity to 1,200 MW.

SJVN will act as an intermediary agency in this process. The organization will purchase power from the selected Renewable Power Developers (RPDs) or Renewable Energy Power Generators (REPGs) and sell it to various buying entities in India. The identification of these buying entities will occur later, and SJVN reserves the right to make substitutions among them as necessary. This strategic move aims to support India’s transition to cleaner energy sources and enhance the overall efficiency of the renewable energy market.