SECI's 1.2GW tender for hybrid wind and solar undersubscribed by 150MW

Even the bids of Adani and Softbank were not enough to hit the required capacity.

The dismal state of investor interest in India’s renewables projects continued to show as the Solar Energy Corporation of India’s (SECI) 1.2GW auction for hybrid solar and wind was undersubscribed by 150MW, local media report.

The auction size has already been cut from 2.5GW to 1.2GW previously. However, big names had turned up: Adani bid for 600MW whilst Softbank’s SB Energy bid for 450MW, sources said.

According to The Financial Express, it is not immediately known if SECI would cancel the auction as the last date for bid submission has already been postponed six times. The initial deadline was 8 August.

Other sources said the ceiling tariff set for the auction is “untenable” and does not justify the risks that developers are taking. The tariff ceiling for the auctions were lowered from 4.1 cents (Rs 2.93) per unit to 3.7 cents (Rs 2.60) per unit.

“The industry needs a sustainable business model,” a major renewables firm told the publication.