UPPCL has successfully completed an auction for 2,000 MW of solar power projects, allowing developers to set up projects anywhere in India. The auction resulted in a highly competitive tariff, with the lowest discovered rate at ₹2.56 per kWh. Tariffs ranged between ₹2.56 and ₹2.57 per kWh, reflecting strong participation and the increasing competitiveness of India’s renewable energy sector.
A total of 2 GW capacity was awarded to four companies. NTPC REL secured the largest share, winning 1,000 MW at ₹2.56 per kWh. Adani Renewable Energy Holding Twelve, a subsidiary of Adani Green Energy, won 400 MW at ₹2.57 per kWh. ReNew Solar was allocated 300 MW at ₹2.56 per kWh, while Fastnote Biofuels secured 300 MW at ₹2.57 per kWh. With these bids, the entire 2,000 MW capacity was successfully allotted.
UPPCL had invited competitive bids for solar and storage projects, allowing developers to benefit from financial incentives such as accelerated depreciation, tax holidays, and reduced duties. Bidders with operational or under-construction projects and unutilized capacity could participate and gain an extended PPA to bridge the gap between actual and scheduled power supply commencement. However, bidders who had already signed PPAs with UPPCL by the submission deadline were not allowed to terminate those agreements to re-enter the auction. No central financial assistance was provided for project implementation. Each bidder, including its affiliates, could submit a single bid for capacities between 50 MW and 1,000 MW, with complete flexibility in selecting project locations.
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