The structured bidding path of India’s tenders gives renewable energy developers enough time to plan the finances, develop business plans and manage the supply chain more efficiently, says India’s Energy Minister RK Singh.
India’s Energy Minister RK Singh says the government has decided to accept bids for 50 GW of renewable energy capacity per year from 2023-24 to 2027-28. Annual bids to build renewable energy capacity on the interstate transmission grid also include at least 10 GW of wind projects per year.
The Ministry of New and Renewable Energy (MNRE) finalized the plan in a recently held meeting chaired by the Power Minister. The plan is consistent with India’s target of 500 GW of installed electricity capacity from non-fossil fuels (renewable and nuclear) by 2030.
India had installed 168.96 GW of cumulative renewable energy capacity by 28 February 2023. This includes 64.38 GW of solar power, 51.79 GW of hydro power, 42.02 GW of wind power and 10.77 GW of bio power. About 82 GW are in various stages of implementation and about 41 GW are in the bidding stage.
“A structured bid path gives RE developers enough time to plan the finances, develop their business plans and manage the supply chain more effectively,” Singh said.
The Ministry of Electricity has also published a quarterly tender plan for the season 2023-24. It includes bids for at least 15 GW of renewable energy capacity in the first and second quarters of the fiscal year, and at least 10 GW in both the third and fourth quarters.
Solar Energy Corp. of India (SECI), NTPC and NHPC are the “renewable energy implementing agencies” (REIA) notified by the government that can accept bids. The ministry has also decided to allow SJVN, a public sector undertaking under the Government of India, to function as such.
The target bid capacity for the 2023-24 season is shared between the four REIAs. REIAs can bid for solar, wind, solar-wind hybrid capacity and 24/7 renewable energy services with or without storage.
