The Central Electricity Regulatory Commission (CERC) has adopted the tariff for 1,200 MW inter-state transmission system (ISTS)-connected solar PV power projects with 600 MW/1200 MWh energy storage systems (ESS) under Tranche XV auction conducted by the Solar Energy Corp. of India Ltd (SECI).
SECI had filed a petition before CERC under Section 63 of the Electricity Act for the adoption of the tariff discovered through a transparent bidding process. SECI issued the RfS on March 16, 2024, for 1,200 MW of ISTS-connected solar PV power projects with ESS (Tranche XV) under the tariff-based competitive bidding process in accordance with the guidelines of the Ministry of Power (MoP). SECI received ten bids totalling 2,650 MW, of which nine bidders qualified for the e-reverse auction held on July 16, 2024. Following the competitive bidding process, SECI awarded Letters of Award (LoAs) on July 19, 2024, to four successful bidders at tariffs ranging from INR 3.41/kWh to INR 3.42/kWh as follows:
SECI has signed agreement for 500 MW out of 1200 MW capacity. A power sale agreement (PSA) was executed with Kerala State Electricity Board Limited (KSEBL) for 500 MW on Sept. 12, 2024, while the remaining is yet to be signed.
Further, Kerela State Electricity Regulatory Commission has already approved the 500 MW PSA on 17.01.2025. Additionally, SECI has entered into power purchase agreements (PPAs) with Clean Renewable Energy Hybrid Eight (SPV of Hero Solar Energy) for 250 MW, ACME Platinum Urja (SPV of ACME Solar Holdings) for 150 MW, and Pace Digitek Infra for 100 MW.
CERC, in its order dated March 4, 2025, approved the tariff for the 1,200 MW projects, confirming that the bidding process was conducted transparently and in accordance with the competitive bidding guidelines issued by MoP. The approved tariff includes a trading margin of INR 0.07/kWh, as mutually agreed in the PSA with KSEBL.
The tariff adoption by CERC is a critical regulatory requirement under the Electricity Act and power purchase agreements. It provides regulatory certainty to the entire bidding process and ensures the sanctity of the discovered tariff, paving the way for the successful bidders to proceed with project execution and financial closure.
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