According to Mercom India Research, solar auctions experienced an 82% year-over-year (YoY) growth in the calendar year 2023, with 22.2 GW projects successfully auctioned. This surge was attributed to declining module prices, streamlined balance of system (BoS) and module supply, along with stable BoS prices.

In 2023, solar tender activity also saw a significant increase, rising by 50% YoY, with entities announcing tenders totalling over 57 GW. This uptick was driven by implementation agencies aiming to meet targets outlined in the bidding trajectory set by the Ministry of New and Renewable Energy (MNRE).

Mercom India's coverage included large-scale standalone solar and wind-solar hybrid projects. For wind-solar hybrid tenders, the solar capacity constituted 67% of the total tendered hybrid projects, where solar capacities were unspecified.

Among the top agencies issuing tenders, NTPC led with bids totalling 7.1 GW, closely followed by Solar Energy Corporation of India (SECI) with tenders totalling nearly 7 GW. Both agencies saw substantial increases of almost 358% and over 55%, respectively, in bid invitations.

The agencies primarily focused on tenders for interstate transmission system (ISTS)-connected solar and wind-solar hybrid power projects, including significant capacities for floating solar projects.

Jodhpur Vidyut Vitran Nigam (JDVVNL), SJVN, and Rajasthan Urja Vikas Nigam (RUVNL) played key roles, issuing tender capacities of 5.4 GW, 4.3 GW, and 3.7 GW, respectively. Notably, JDVVNL did not float large-scale solar or wind-solar hybrid project tenders in 2022, while SJVN and RUVNL had limited tender activity.

The top five agencies collectively accounted for over 48% of the projects tendered in