Government to Bid Out 50 GW of Solar, Wind, and RTC Projects in FY24
The Ministry of New and Renewable Energy (MNRE) has released a bidding schedule for an agency for 50 GW of renewable energy projects for the current fiscal year (FY 2023-24).
The calendar calls for 30 GW of renewable capacity in the first two quarters and 20 GW in the last two.SECI and NTPC will each launch tenders for 12.5 GW of solar/hybrid/round-the-clock (RTC) and 2.5 MW of wind projects.
Tenders will be issued by NHPC and SJVN for 7.5 GW of solar/hybrid/RTC projects and 2.5 MW of wind projects, respectively.
The proposals will be solicited in accordance with the government’s normal bidding standards and the MNRE’s instructions for renewable energy tenders.
MNRE has said that it will issue renewable project bids worth 50 GW per year during fiscal years 2024-28, with at least 10 GW of wind tenders.
Renewable project developers have frequently petitioned the government for a predictable bidding trajectory in order to limit project risks, allow for more effective financial planning and supply chain management, and provide more visibility and predictability for upcoming tenders.
They claim that the existing haphazard tendering processes used by the federal and state governments make it difficult to plan finances and secure component suppliers at competitive pricing.
India has set ambitious renewable energy targets in order to mitigate climate change and reduce reliance on fossil resources.
The government has committed to achieving 50% of its installed power capacity from non-fossil fuel-based energy resources by 2030, as well as a 45% reduction in the emissions intensity of its GDP compared to 2005 levels.
Furthermore, MNRE has been trying to attain 500 GW of installed non-fossil electricity capacity by 2030, including 280 GW of solar.
As of February 2023, India’s installed renewable energy capacity was over 169 GW, with 82.6 GW under construction and 40.89 GW in the tendering process.
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Content Credit: MERCOM CLEAN ENERGY INSIGHTS