Greenko Bags NTPC’s 3000 MWh Energy Storage Project Tender

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Greenko Energies has emerged as the lowest bidder by a significant margin for NTPC Renewable Energy’s auction to set up interstate transmission system (ISTS)-connected energy storage systems of 3,000 MWh capacity with a minimum of 500 MW capacity to be installed anywhere across India. Greenko won the entire capacity by quoting Rs 27.9 lakh /MWh/year, or Rs 2.79/kWh.

For Greenko, the win is no surprise after it’s focus on large storage, and the string of deals it has been sewing up for offtake from it’s projects. The tender had been floated by NTPC back in January this year, and the long lead time indicates the complexity still prevalent when it comes to large storage projects. 

The firm had earlier closed a $750 million bond issue to finance its storage plans.

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The difference between the lowest and the highest quoted tariffs was more than 261% reflecting a wide range of assumptions. The highest quoted price per MWh per year was Rs. 1.1 crore. At Rs 37.7 lakh/MWh/year, HES Infra’s second-place bid was still more than 35% higher than the winning bid.

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Rs 31.9 lakh/MWh/year was the opening bid price. The other companies that participated in the auction were IndiGrid 1, JSW Neo Energy, Enel Green, and Hinduja renewables. Build, own, and operating agreements will govern the development of the projects. 

NTPC Renewable Energy proposes to use the energy storage facility to meet its round-the-clock (RTC) renewable energy needs with a wind-solar profile. Based on the terms and conditions of the request for selection, the company will now enter into a 25-year energy storage service contract with the chosen bidder on an annual fixed charge basis.

Projects that are currently in construction or have not yet been commissioned for storage purposes will be taken into consideration if they have not already been accepted under other central or state programs, according to the tender that was issued in January of this year.

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The Renewable Purchase Obligation trajectory until the fiscal year 2029–2030 was recently released by the Ministry of Power. The notification for the first time included energy storage obligation to be met by all state DISCOMs. 

The ministry released guidelines in March 2022 for the acquisition and use of BESS as part of the generation, transmission, and distribution assets, as well as ancillary services.

Earlier, National Thermal Power Corporation Limited (NTPC) Renewables floated a balance of system (BOS) tender package for a 1200 MW (4 X 300 MW) solar project at Khavda RE power park, Rann of Kutch, Gujarat.