SECI 1200 MW Wind-Solar Hybrid (Tranche-III) auction creates new record of Lowest tariff at Rs. 2.41/kWh
Following the issuance of the incumbent national framework – the Wind-Solar Hybrid Policy in 2018, India saw a succession of WSH (Wind-Solar Hybrid) tenders. Although there have been a few successful WSH tenders, many have received tepid responses which have led to either undersubscription or cancellation of these tenders. In a recent development, however, SECI 1200 MW ISTS, WSH (Tranche-3) auction saw oversubscription of bids by 176% and etched the record-low tariff of Rs. 2.41/kWh (US$ 0.0326/kWh).
Figure 1: Snapshot of WSH (Wind-Solar Hybrid) tenders issued in India
Source: JMK Research
In Jan 2020, SECI (Solar Energy Corporation of India) had issued a Request for Selection (RfS) for setting up of 1200 MW ISTS-connected Wind-Solar Hybrid power projects in India (Tranche-III). The project is to be delivered on a Build-Own-Operate (BOO) basis and the hybrid power produced must be sold to the SECI. The hybrid power projects are required to be designed for inter-connection with transmission network of CTU (Central Transmission Utility) at voltage level of 220 kV or above. Following are other key details of the tender:
|PPA duration||25 years|
|Minimum annual CUF||30%|
|Wind-Solar capacity mix||The rated installed project capacity of wind shall be more than 33% of the rated installed capacity of solar or vice-versa.|
|Scheduled Commissioning Date||18 months from the Effective Date of the PPA|
The tender received a total of 3310 MW of bids, being oversubscribed by 2110 MW. The L1 tariff of Rs. 2.41/kWh was quoted by Adani Renewable Energy (600 MW), ABC Renewable Energy (380 MW), Amp Energy Green (130 MW). Acme Solar made the L2 price mark at Rs. 2.42/kWh (US$ 0.0328/kWh) for 300 MW capacity, but was allotted 90 MW under the bucket-filling method. Players such as Adani and ReNew Power have been frequent participants in the previous WSH tenders. Whereas, Acme Solar, NLC (Neyveli Lignite Corporation), Sembcorp (Green Infra) are the new players that have participated and shown keen interest to bid in a WSH tender for the first time.
Figure 2: SECI 1200 MW ISTS, WSH (Tranche-3) Auction Result
Source: JMK Research
Click here to read our detailed report on “Wind-Solar Hybrid: India’s Next Wave of Renewable Energy Growth assessment in India” to get more insights