IEEFA – Utility-scale Renewable Energy Tendering Trends in India, May

The Utility-scale renewable energy market in India has seen a strong recovery in FY2023, with record-breaking bids totaling 69GW, surpassing the government's target of 50GW. State-level tendering authorities and SECI will play crucial roles in this market, although challenges such as import duties and local component purchasing requirements continue to impede growth. The government is considering reintroducing reverse auctions for wind projects, in addition to exploring innovations like India's first offshore wind tender and concentrated solar + thermal storage tender. Energy storage projects are also gaining momentum. Despite some developer hesitation towards new technologies, successful projects from industry leaders will showcase their potential. Replicating successful tendering models and introducing new designs will determine India's path towards achieving its ambitious renewable energy target of 500GW by 2030.