Inaugural e-reverse auction for 1,500 MW renewable power projects sets the stage for India's renewable energy ambitions, attracting top industry players
State-owned SJVN Ltd. has announced the successful conclusion of an e-reverse auction process to select renewable energy developers for its ambitious 1,500-MW power projects. This is a significant milestone; it marks the first-ever auction process conducted by SJVN, as confirmed in their official statement.
"SJVN has achieved a significant milestone by successfully concluding the E-Reverse Auction for 1,500 MW of power projects with an energy storage system. As a Renewable Energy Implementing Agency (REIA), SJVN has accomplished its maiden e-reverse auction (e-RA) to select renewable energy power developers for the supply of 1,500 MW power projects equipped with an energy storage system in India," stated SJVN CMD Nand Lal Sharma.
This ground-breaking auction sought to procure 1,500 MW of power from interstate transmission system-connected renewable projects across India. The process attracted participation from nine companies, with seven securing their quoted capacity at a competitive tariff of approximately Rs 4.38 per unit. Among the successful bidders are Acme, Juniper, and Tata Power, according to SJVN's announcement.
The Ministry of New and Renewable Energy (MNRE) has designated SJVN as an intermediary procurer and renewable energy implementing agency (REIA) for the competitive bidding process aimed at procuring renewable power, as revealed by Sharma.
SJVN now joins the ranks of the fourth Renewable Energy Implementing Agency alongside SECI, NTPC, and NHPC. The company will coordinate with other REIAs to ensure a streamlined tendering process and the opening of bids, thus preventing concurrent proposals for similar projects.
The MNRE has outlined a visionary roadmap to auction 50 GW of renewable energy projects annually, aiming to achieve 500 GW of renewable energy projects by 2030. SJVN's successful e-reverse auction for 1,500 MW of power projects represents a significant step towards fulfilling this ambitious target.