Pure play solar developers participating in SECI’s 1200 MW wind tranche-X tender

In Dec 2020, SECI (Solar Energy Corporation of India) had issued a Request for Selection (RfS) for setting up of 1200 MW ISTS-connected Wind power projects in India (Tranche-X). In this auction conducted by SECI in March 2021, Adani emerged as the lowest bidder by grabbing 300 MW capacity at L1 tariff of Rs 2.77/kWh. This is comparatively lesser than the previous auctioned lowest winning tariff of Rs 2.99/kWh seen in last 2500 MW wind solar blended Tranche IX tender (80% wind component with 20% solar component). 

As can be seen from below chart, this tender is also the first fully subscribed wind tender in last 2.5 years. This tender received a total of 3150 MW bids, being oversubscribed by 1950 MW. Even tariff observed is the lowest of all last 7 wind auctions conducted by SECI. 

Figure 1: Details of Wind tenders issued in India

Source: JMK Research

Apart from Adani, other winners are Ayana Renewables, Evergreen Power Mauritius and JSW Energy that have bagged 300 MW, 150 MW and 450 MW capacity respectively at L2 price mark at Rs 2.78/kWh. 

Ayana Renewables is participating for the first time in a pure vanilla wind tender. It has a solar portfolio of 1.14 GW of Solar PV Projects. Another player Evergreen Power Mauritius had previously won 30 MW in consortium with K. P. Energy under GUVNL 500 MW wind tender. Other contenders who participated including Azure Power, O2 Power, Shirdi Sai Electricals, AMP Energy Green, TUNGA Renewable Energy, ReNew and Halved Renewables were unable to lay hold of any capacity. 

Remarkably, apart from Ayana Renewables, pure play solar developers like Azure Power and AMP Energy were also participants in this tender. Shirdi Sai Electricals, a transformer manufacturer based out of Telangana is also a new entrant in wind. They have won their first solar project of 2200 MW capacity in APGCEL 6.4 GW solar auction conducted last month within a tariff range of Rs. 2.48-2.49 per unit.

Figure 2: SECI 1200 MW Pan India, Wind (Tranche-X) Auction Result

SECI 1200 MW wind tranche-X

Source: JMK Research