Solairedirect Energy India (a subsidiary of France’s Engie), ReNew Solar Power and India’s NTPC Renewable Energy have won REC Power Development and Consultancy’s (RECPDCL) auction to develop 1.25 GW of interstate transmission system-connected solar projects across India, under a Tranche-I tender launched in December 2022. Solairedirect Energy India was awarded 300 MW and ReNew Solar Power won 400 MW by quoting a tariff of INR2.55/kWh (US$3.1c/kWh). NTPC Renewable, which had bid for the entire capacity, was awarded 550 MW with INR2.56/kWh. NTPC will enter into 25-year power purchase agreements (PPAs) with the winners.
In December 2022, REC Power floated another tender for 500 MW of solar, which was won by ReNew Solar Power and Avaada Energy. ReNew Solar Power was awarded 200 MW at a tariff of INR2.69/kWh (US$3.3c/kWh), while Avaada Energy was awarded 300 MW out of the 500 MW it had quoted at a tariff of INR2.70/kWh. The winners will sign a 25-year PPA with Damodar Valley Corporation (DVC), and the project must be operational within 18 months of the PPA’s signing date.
At the end of 2021, solar and wind accounted for over 20% of installed capacity in India, with respectively 49 GW and 40 GW. India plans to increase its non-fossil fuel capacity to 500 GW and meet 50% of its energy requirements from renewables by 2030.
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