Punjab State Power Corporation Limited (PSPCL) has completed an auction for 500 MW of solar power capacity, showing steady progress in the state’s move toward clean energy. The bidding process attracted strong participation from leading companies, with SAEL Industries, Waaree Energies, MB Power (Madhya Pradesh), and JLTM Energy emerging as winners.
The auction discovered a tariff of ₹3.05-₹3.07 per kWh, highlighting how solar power is becoming more affordable and competitive compared to conventional sources. SAEL Industries secured the largest portion with 250 MW at ₹3.05/kWh, while Waaree Energies and MB Power/Hindustan Power each won 100 MW at ₹3.07/kWh. JLTM Energy was also awarded 50 MW at ₹3.07/kWh.
The tender was issued to help PSPCL meet its Renewable Purchase Obligations and increase the share of green energy in the state. The selected developers will build, own, and operate the solar projects, taking responsibility for financing, construction, and maintenance.
PSPCL will purchase the generated power under a 25-year Power Purchase Agreement, ensuring stable returns for developers and a reliable supply of clean energy for the state. The projects are expected to be completed within 18 months after signing the agreements.
Punjab is steadily expanding its solar capacity. This auction reflects growing investor confidence and supports the state’s plan to reduce dependence on fossil fuels. The projects are also expected to generate local jobs and support environmental goals, provided they are completed on time.
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