Solar Auctions Surge 82% YoY in 2023

Solar Auctions Surge 82% YoY in 2023


Solar auctions during calendar year 2023 saw 82% year-on-year (YoY) growth, with 22.2 GW projects auctioned, according to Mercom India Research. Falling module prices, rationalization of balance of system (BoS) and module supply, and stable BoS prices boosted auction activity in 2023. Solar bidding activity in 2023 increased by 50% year-on-year, and several entities announced tenders totaling more than 57 GW.

The Ministry of New and Renewable Energy has expanded the Approved List of Models and Manufacturers (ALMM) by adding 64 MW of new solar module capacity. The accumulated module manufacturing capacity now amounts to 22,191 MW. With the latest addition, ALMM now has 72 module manufacturers. Almost half or 39 companies have contracted module capacities of 500 Wp or more. Even after the latest update, ALMM has no foreign manufacturers.

Torrent Power, ReNew Solar Power, TEQ Green Power XIII (O2 Power), NTPC Renewable Energy, ACME Cleantech Solutions and Tata Power Renewable were declared winners in the REMC Limited auction Supply 750 MW of power 24 hours a day from grid-connected renewable projects with or without storage across India for 25 years. Torrent Power quoted the lowest tariff of ₹4.25 (~$0.051)/kWh to gain 100 MW. ReNew Solar, TEQ Green Power, NTPC Renewable Energy and ACME Cleantech Solutions were quoted at ₹4.37 (~$0.052)/kWh and gained 200 MW, 100 MW, 200 MW and 100 MW respectively.

NTPC Renewable Energy, a wholly owned subsidiary of NTPC, has invited bids for the engineering, procurement and construction of 500 MW (2x 250 MW) grid connected solar power projects in Bikaner, Rajasthan. The last date for submission of offers is February 28, 2024. The opening of offers will take place on the same day. The bid collateral for a single block is Rs 100 million (~$1.2 million) and Rs 200 million (~$2.4 million) for two blocks.

Gujarat Urja Vikas Nigam has invited bids to procure power from 1,125 MW grid-connected solar power projects to be set up at the Gujarat State Electricity Corporation’s renewable energy park at Khavda without energy storage. The last date for submission of bids is February 15, 2024. Bids will be opened on February 19. Bidders are required to submit ₹25,000 (~$300) + 18% GST as tender document cost. The bid processing fee is ₹300,000 (~$3,603).

The Uttarakhand Renewable Energy Development Agency has invited bids to bring together developers to launch 250 MW of grid-connected solar power projects under ‘Mukhyamantri Saur Swarojgar Yojana’. The selected promoters will also have to supervise the operation and comprehensive maintenance of the project for five years. The last day to submit offers is February 8, 2024. The opening of offers will take place the following day.

Assam Power Distribution Company has invited expressions of interest for project management consultancy services for a 1,000 MW grid-connected solar project in Karbi Anglong district of Assam. The solar project, funded by the Asian Development Bank, is part of the Assam government’s ‘Mukhya Mantri Sauro Shakti Prokolpo’ initiative. The last date for submission of EoI is February 25, 2024.

Switzerland-based ResponsAbility, an impact investment firm with more than $4.7 billion in assets under management, said it would invest up to $25 million in BluSmart, an electric vehicle (EV) transportation service in India. The investment, part of responsAbility’s broader $500 million climate strategy aimed at reducing carbon emissions in Asia through investments in low-emission technologies, will help BluSmart expand its electric vehicle charging infrastructure to enable large-scale adoption of electric mobility.

China’s cumulative installed power capacity reached about 2.92 TW, a year-on-year increase of 13.9%, and solar energy accounted for 609.49 GW, a year-on-year increase of 55.2%. According to China’s National Energy Administration, the country added 216.9 GW of solar capacity in 2023, up 148% year-on-year compared to 87.4 GW in 2022. Major power generation companies invested 967.5 billion CNY (~$151.17 billion) in energy projects, representing a year-on-year increase of 30.1%.

Germany-based solar wafer manufacturer NexWafe has created a US subsidiary to explore the possibility of establishing a multi-gigawatt-scale production facility with an initial capacity of 6 GW. The North American facility will leverage NexWafe’s production technology from its under-construction 250 MW commercial facility in Bitterfeld, Germany. According to NexWafe, its proprietary green solar wafer manufacturing simplifies polysilicon production, reduces energy usage and production time, helping to reduce production costs for n-type monocrystalline wafers.


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