Punjab State Power Corporation Limited (PSPCL) has announced the results of its auction to procure 500 MW of solar power from projects located across the country on a long-term basis. SAEL Industries has secured a capacity of 250 MW at a tariff of Rs 3.05 per kWh. Waaree Forever Energies, a subsidiary of Waaree Energies, and JLTM Energy India, a subsidiary of Technique Solaire, won 100 MW and 50 MW, respectively, both at a tariff of Rs 3.07 per kWh. MB Power (Madhya Pradesh), a subsidiary of Hindustan Power, secured 100 MW out of the quoted 150 MW capacity at a tariff Rs 3.07 per kWh under the bucket filling method. The tender was issued in January 2025.
Furthermore, PSPCL will enter into power purchase agreements (PPA) with the selected developers for a period of 25 years from the date of supply commencement. The projects are permitted to utilise only commercially established and operational technologies to reduce risks and ensure timely completion. Additionally, projects under construction, not yet commissioned, or already commissioned but without a long-term PPA and currently selling power on a short-term or merchant basis are eligible, provided they are not covered under any other central or state schemes.
Moreover, the successful bidders will be responsible for securing grid connectivity and long-term access. All associated costs, including wheeling charges and transmission losses up to the delivery point, will be borne by the developers. They may also avail fiscal incentives such as accelerated depreciation, concessional customs and excise duties, tax benefits, carbon credit trading, and financial support under the Punjab New and Renewable Sources of Energy programme.
