Avaada, Apraava, ReNew & JSW Bag NTPC’s 1.5 GW Solar Contract

Indian power behemoth NTPC recently awarded the contracts to four developers to setup its 1,500 MW of solar project. The Indian Renewable Energy Implementing Agency recently announced the results of its tender, floated earlier. The tender was meant for Inter-State Transmission System (ISTS) through these new proposed solar projects.

Based on the reverse competitive bidding, NTPC declared Apraava Energy, Avaada Energy, ReNew Solar Power (ReNew), and JSW Neo Energy (JSW Energy) as the winners for the 1050 MWp interstate transmission system (ISTS)-connected solar power projects (Tranche III) across India.

In the NTPC tender result, Apraava received the lowest tariff at ₹2.68 and won a block of 50 MW. This was followed by Avaada and ReNew which were awarded 750 MW and 300 MW respectively at the rate of ₹2.69/kWh. JSW Energy bagged 400 MW out of the 700 MW capacity at a tariff of ₹2.69/kWh.

Avaada Energy, an arm of Avaada Group, secured a 1050 MWp capacity for the solar project at a competitive tariff of INR 2.69 per kWh. NTPC released the tender for this project on February 8, 2024. This project is expected to be completed within 24 months of signing the 25-year Power Purchase Agreement (PPA). In addition to this, Avaada Energy has achieved a Letters of Award and PPAs for over 15 GWp in India. The company also achieved Letters of Award and PPAs of over 15 GWp in India.

Earlier this year, in a separate tender, NTPC REL (Renewable Energy Limited) awarded the contracts of supply of solar modules for its 1,255 MW solar project to three solar module manufacturers. Three companies, ReNew and Vikram Solar emerged as the winners of the NTPC REL’s tender. The tender was floated in September 2023. The solar project is scheduled to come up at Khavda in Gujarat.

Indian tendering authorities in the last one year has increased the pace of issue of renewable tenders. This comes at a time when the Indian government has aimed to achieve 500 GW of renewable capacity by 2030. The government had also announced biding trajectories for different central tendering authorities like SECI, NTPC, SJVN and NHPC. As per a latest report from IEEFA, in FY24, India issues tenders upto 69 GW, surpassing its own targets.