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NTPC REL Secures 1 GW Solar Capacity at INR 2.56/kWh in UPPCL’s 2 GW Solar Auction

NTPC Renewable Energy Ltd. (NTPC REL) has emerged as a successful bidder, securing 1,000 MW of capacity at a competitive tariff of Rs 2.56/kWh in Uttar Pradesh Power Corporation Limited’s (UPPCL) auction for 2,000 MW ISTS-connected solar PV projects.

The auction, held on January 3, 2025, adopted a tariff-based competitive bidding process, attracting strong participation and resulting in a lowest (L1) tariff of Rs 2.56/kWh.

This project will be developed on a build-own-operate-maintain (BOOM) model with a 25-year power purchase agreement (PPA). The tender, released in February 2024, offers developers financial incentives, including accelerated depreciation, preferential customs and excise duties, tax holidays, and benefits under the Uttar Pradesh Solar Policy 2022.

The option to set up the total capacity at a single location or across multiple blocks was permitted.

This achievement reinforces NTPC REL’s growing leadership in renewable energy and marks another milestone in advancing India’s solar power capacity under competitive pricing.