Uttar Pradesh Power Corporation Limited (UPPCL) has announced the auction results for 2,000 MW solar power projects.
NTPC Renewable Energy and ReNew Solar power both secured 1,000 MW and 300 MW respectively at a tariff of Rs 2.56 per kWh. Fastnote Biofuels (Hindustan Power), and Adani Renewable Energy Holding Twelve (Adani Green Energy) secured 300 MW and 400 MW, respectively, at a tariff of Rs 2.57 per kWh. These projects will be developed across multiple states, with NTPC setting up its project in Uttar Pradesh, ReNew developing projects in Rajasthan, Telangana, Maharashtra, Karnataka, Gujarat, Madhya Pradesh, and Andhra Pradesh, Fastnote in Madhya Pradesh, and Adani in Rajasthan. The tender, issued in February 2024, allowed bidders to leverage financial incentives such as accelerated depreciation, preferential customs and excise duties, and tax holidays. Bidders with existing or under-construction solar or storage projects were also eligible to participate, with an extended power purchase agreement (PPA) duration granted in cases where the actual commencement of supply differed from the scheduled start date. However, the bidders who had already entered into PPAs with UPPCL by the bid submission deadline were restricted from terminating those agreements to participate in this tender. No central financial assistance is planned for these projects.
