SJVN gets competitive L1 tariff of Rs 3.43/kWh for 1,500 MW solar-wind hybrid project

Solar-Wind hybrid

State-owned SJVN Ltd on February 20 concluded a reverse auction for a 1500 MW wind-solar hybrid project on February 20, with the opening L1 tariff discovered to be as low as Rs 3.43 per kWh.

In November 2023, SJVN conducted its first reverse auction for 1,500 MW of renewable energy projects, where the lowest price discovered was Rs 4.38 per kWh. The February 20 reverse auction has brought the tariff discovered for hybrid renewable energy projects further down to Rs 3.43 per kWh.

Of the six bid winners, Juniper Green Energy Private Limited topped the list by securing 150 MW at the opening tariff rate of Rs 3.43 kWh. Datta Power Infra Private Limited and Green Infra Wind Energy Limited, along with other key players like Energizent Power Private Limited and Green Prairie Energy Private Limited, were awarded capacities at slightly higher tariffs, ranging from INR 3.47 to INR 3.48 per kWh.

Avaada Energy Private Limited, a major contender in the auction, was allocated 530 MW out of its bid for 750 MW, at a final tariff of INR 3.49 per kWh. Notably, NTPC Renewable Energy Limited also participated but did not secure any capacity, bidding at INR 3.55 per kWh.

Chasing an ambitious target of having 500 gigawatts (GW) of renewable energy (RE) capacity by 2030, the government in April 2023 released a detailed agency-wise break-up on inviting bids for RE projects totalling 50 GW each year, starting from 2023-24.

The Ministry of New and Renewable Energy (MNRE) has appointed NTPC Ltd, Solar Energy Corporation Of India (SECI) Ltd., NHPC Ltd and SJVN Ltd as the renewable energy implementing agencies (REIAs) for floating tenders and opening of bids. As per the trajectory, SECI and NTPC had to invite bids for 15 GW each of RE projects, while NHPC and SJVN had to do 10 GW each in the ongoing financial year.