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UPPCL Discovers A Tariff Of Rs 2.56/kwh For 2 GW Solar Project
Uttar Pradesh Power Corporation Limited (UPPCL) has concluded its 2 GW solar auction, awarding projects to four bidders: ReNew Solar Power, Fastnote Biofuels (Hindustan Power), and Adani Renewable Energy Holding Twelve. UPPCL released the tender for this project in February 2024 and declared the results after a year.
According to the tenderresults, the lowest tariff was awarded to NTPC and ReNew at ₹2.56/kWh for 1,000 MW and 300 MW, respectively. Fastnote won a 300 MW solar project at ₹2.57/kWh, while Adani secured the remaining 400 MW out of the 1,000 MW quoted under the bucket-filling method at the same tariff of ₹2.57/kWh.
Previous Tenders: A Brief Comparison
UPPCL's latest tender was awarded at a lower tariff compared to GUVNL's 250 MW solar auction, which included a greenshoe option and had a tariff of ₹2.60/kWh. The large size of the project and other reasons seemed to have helped UPPCL in securing a lower tariff.
GUVNL awarded solar projects to three winners: Welspun Renewable Energy (50 MW), Avaada Energy (100 MW), and SAEL Industries (100 MW), all at a tariff of ₹2.60/kWh.
However, UPPCL's latest tariff matches its previous 2,000 MW solar auction. As per the tender results, NTPC Renewable Energy Limited (NTPC REL) won UPPCL’s e-reverse auction to secure a 1,000 MW capacity at a tariff of ₹2.56/kWh.
This rate is slightly higher than NTPC’s 1.2 GW solar tender, which was awarded to six winners and also included a greenshoe option. According to the tender results, for the total 916 MW awarded, Bharat Petroleum Corporation secured the lowest tariff of ₹2.55/kWh for 150 MW. Onward Solar Power received 50 MW at ₹2.59/kWh, while ReNew Solar Power (300 MW), Illuminate Hybren (120 MW), and Adyant Enersol Pvt Ltd (100 MW) were allocated projects at ₹2.60/kWh. Meanwhile, Dinesh Chandra R Aggarwal Infracon secured a 96 MW project at ₹2.70/kWh.