JSW Neo, Powerica, And Torrent Power Emerge Winners In SECI’s 1.35 GW Wind Tender

SECI has now announced the winners of the 1350 MW ISTS-connected Wind Power Projects in Gujarat under Tranche XVI. The tender was released on 30th November 2023 and the results have come after almost eight months. The projects cover wind projects in the states of Gujarat and Karnataka, and Rajasthan.  

For projects in Gujarat, JSW Neo Energy (JSW Energy) and  Powerica emerged winners with overall allotments of 700 MW and 50 MW respectively. JSW bid Rs 3.61 for its win, while Powerica won 50 MW with a bid of Rs 3.70/unit. Torrent which received a 100 MW project at a tariff of Rs. 3.60 per unit.

Torrent, the Gujarat based Power group with footprints across distribution and generation in the state, surprisingly won 100 MW in Karnataka with an aggressive bid at Rs 3.60 for 100 MW, even as JSW emerged the big winner with a further 325 MW allotment at Rs 3.68, including a 175 MW greenshoe option where it matched Torrent at Rs 3.60/unit. 

The 1350 MW projects were to be developed at ISTS substations in the three states, i.e., Gujarat, Karnataka, and Rajasthan. The break-up of maximum capacities that will be awarded in these 3 States is as follows, Gujarat will receive a 1000 MW project, Karnataka will get 250, and lastly, Rajasthan will get a 100 MW project.

SECI allocated this project and tied up the additional capacity of up to 700 MW under the ‘Greenshoe Option’ the tender had mentioned the break-up of the Greenshoe capacities among the three states. It gave Gujarat 500 MW along with 150 MW and 50 MW to Karnataka and Rajasthan respectively.

The big winner is obviously JSW New energy, which has emerged as one of the biggest developers in recent months based on bidding it participated in since late 2023. The renewable arm of the JSW group has been building up an impressive  portfolio of renewable energy along with energy storage projects under PPA with SECI and other government owned agencies. Interestingly, unlike other leading developers that have solar heavy portfolios, JSW has been quite comfortable with wind energy, inking some large supply deals too in the process for deliveries well into the next two years.