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India

India's 1GW auction receives 2.8GW of bids

INDIA: The country's second 1GW tender witnessed intense competition with bidders offering a capacity of 2.8GW in total.

The next auction is almost 3-times oversubscribed
The next auction is almost 3-times oversubscribed

After the gamechanging first auction of 1GW of wind earlier this year, the second has established the competitive bidding-based wind procurement as the main market mechanism, replacing the decades old feed-in-tariff models that the states are unwilling to support.

Some of the key players and their capacity bids are: Renew Power, Continuum, Mytrah, Enel, Sembcorp, INOX, Hero, Leapgreen, Adani and Regen Powertech each offering 250MW and Orange and Spring offering 200MW and 198MW of capacity, respectively.

Like the earlier auctions, most of the proposed projects are from states of Gujarat and Tamil Nadu and except for two OEMs, the bidders are mostly independent power producers.

The reverse auction of the offered capacity is expected to be kick-started in late August after the central regulator clarifies the procedure for prioritising transmission connectivity.

The Indian government is planning to offer about 4GW of wind power capacity this fiscal and raise the capacity to 5-6GW from the next fiscal.

A senior ministry official also hinted at a plan to go for monthly auctions after duly evaluating the impact of the frequent auctions on price volatility.

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