The National Hydroelectric Power Corporation (NHPC), a state-owned enterprise in India, has launched a tender for up to 2.4 GW of solar photovoltaic (PV) capacity across the country.
The request for selection (RfS) aims to procure 1.2 GW of solar PV capacity through a competitive bidding process, with an additional 1.2 GW available through a "greenshoe option."
Successful project developers will sign a 25-year power purchase agreement (PPA) with NHPC, which will then supply the generated electricity to state utilities, distribution companies (Discoms), or other beneficiaries.
To qualify for the auction, projects must have a capacity ranging from 50 MW to 600 MW. However, for projects located in Northeastern states or those facing special circumstances, the minimum capacity requirement is reduced to 30 MW.
Interested applicants can submit their proposals until November 4, 2024. These solar projects will be established on a build-own-operate (BOO) basis and must connect to the Inter-State Transmission System (ISTS).
The trend of solar PV and renewable energy tenders is increasingly prevalent in India. From April 2023 to March 2024, approximately 70 GW of renewable energy capacity was tendered, with 40 GW successfully allotted. Solar PV accounted for nearly half of the total capacity tendered during this period. Additionally, in the last two years, solar tariffs have seen a slight increase of around 8.5%, rising from an average of INR 2.3-2.4/kWh (US$0.027-0.029/kWh) to INR 2.5-2.6/kWh (US$0.030-0.031/kWh).
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