India to annually tender 50 GW of renewables over next 5 years

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Image: Acme Solar

Indian Power Minister R.K. Singh says the government has decided to accept bids for 50 GW of renewable energy capacity per year from fiscal 2023-24 to fiscal 2027-28. The annual bids to set up renewable energy capacity for the inter-state transmission system will also include at least 10 GW of wind projects per year.

The Ministry of New and Renewable Energy (MNRE) finalized the plan at a recent meeting chaired by the power minister. The plan is in line with India’s target of 500 GW of installed electricity capacity from non-fossil fuel (renewable energy and nuclear) sources by 2030.

India had installed 168.96 GW of cumulative renewable energy capacity by Feb. 28, 2023. This includes 64.38 GW of solar power, 51.79 GW of hydro, 42.02 GW of wind, and 10.77 GW of bio power. About 82 GW is under various stages of implementation and about 41 GW is in the tendering stage. 

“The structured bidding trajectory will provide sufficient time to the RE developers to plan their finances, develop their business plans and manage the supply chain more efficiently,” said Singh.

The power ministry has also declared a quarterly bid plan for fiscal 2023-24. It will include bids for at least 15 GW of renewable energy capacity in each of the first and second quarters of the financial year, and at least 10 GW in each of the third and fourth quarters.

Solar Energy Corp. of India (SECI), NTPC, and NHPC are the government-notified “renewable energy implementing agencies” (REIAs) that can accept bids. The ministry has also decided to allow SJVN, a public sector enterprise under the government of India, to serve as one. 

The targeted bid capacity for fiscal 2023-24 will be allocated among the four REIAs. The REIAs will be allowed to bring out bids for solar, wind, solar-wind hybrid capacity, andn round-the-clock renewable power services with or without storage.

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