Altra Xergi Power (O2 Power) emerged victorious in the Solar Energy Corporation of India (SECI) auction, winning the bid to supply 8,000 MWh (2000 MW x 4 hours) of renewable energy from interstate transmission system (ISTS)-connected projects. The winning tariff was Rs 8.50 (~$0.099)/kWh for a 200 MW supply.

Other bidders included ACME Solar Holdings and Avaada Energy. However, the total awarded capacity was reduced to 656 MW due to lower bid submissions than expected. The auction tender, floated in September 2024, stipulates that selected bidders must start power supply within 24 months of signing the power purchase agreement (PPA).

The auction involves peak energy supply during four daily peak hours. Any shortfall in supply will result in penalties. Bidders can submit projects anywhere in India, and the capacity can be from renewable or storage systems connected to ISTS. JSW Neo Energy, Hero Solar Energy, and others also won bids for SECI’s Tranche IV renewable energy auction.