NHPC Limited has successfully concluded its tranche VI auction, awarding 1,200 MW of firm and dispatchable renewable energy (FDRE) projects connected to the inter-state transmission system (ISTS) and integrated with energy storage systems, with an additional greenshoe option of 1,200 MW. Jevargi Solar Power was awarded 150 MW at a tariff of Rs 4.48 per kWh, while Juniper Green Energy and Avaada Energy won 200 MW and 600 MW, respectively, at Rs 4.56 per kWh. Further, ACME Solar Holdings secured 250 MW out of its quoted capacity of 600 MW at Rs 4.56 per kWh under the bucket-filling method.
The tender, floated in June 2024, requires the signing of power purchase agreements (PPAs) between NHPC and the selected developers for 25 years, starting from the scheduled commissioning date. NHPC will procure the renewable power and sell it to state utilities or other beneficiaries. Developers are tasked with identifying and securing land for their projects and establishing dedicated transmission networks up to the interconnection point at their own expense. Minimum project sizes were set at 50 MW, with capacity increments in multiples of 10 MW, capped at 600 MW. For projects in the northeastern states or other special categories, the minimum contracted capacity was 30 MW.
Additionally, developers who have already commissioned renewable energy projects or are constructing untied capacity projects were eligible to participate. All necessary approvals, permits, and clearances, including those from state governments and local authorities, must be obtained by the developers. The tender also allows for the transfer or sale of projects to a third party after a one-year lock-in period post-commercial operation, with NHPC retaining the right to enforce the PPA terms with the new owner.
