4.45 GW utility scale RE tenders allotted in first two weeks of FY2024
First two weeks of April 2023 have seen a flurry of activity in utility scale RE market, with around 4.45 GW of tenders being allotted. The tenders allotted during these two weeks include three vanilla solar tenders, one wind solar hybrid (with energy storage) and one (Round-the-clock) RTC tender. Around half of these allotments (49.4%) is for non-vanilla RE tenders, including Wind Solar Hybrid (with energy storage) and RTC.
Figure 1: Tenders allotted in first two weeks of April 2023
Source: JMK Research
Amongst vanilla solar tenders, the lowest tariff of INR 2.55/kWh was discovered in a pan-India RECPDCL tender of 1250 MW. The discovered tariff in both the new-age RE tenders of SECI 1200 MW Wind Solar Hybrid (with energy storage) and REMCL RTC, was unusually high at INR 4.64/kWh and INR 3.99/kWh respectively.
Figure 2: Allotted capacities in recent utility scale RE tenders, cumulative
Source: JMK Research
ReNew is the most active utility scale player currently with allotted capacities (1200 MW cumulatively) in 3 of the 5 tenders in first two weeks of FY2024. Other active players include NTPC REL, Avaada, Acme and Ayana Renewables.
Currently, ReNew is the only company operating in the RTC segment in India, owing to its win in the first renewable based RTC tender in India back in 2021. With their wins in the latest REMCL 1000 MW RTC tender, NTPC REL, Ayana Renewable, O2 power and Sprng Energy have also entered the RTC segment. Interestingly, ReNew did not participate in REMCL 1000 MW RTC tender. Instead, they are focusing on Wind Solar hybrid solutions, as emphasized by its 600 MW allotment in SECI Wind Solar Hybrid tender.