Petition for the Adoption of tariff for the supply of 1200 MW ISTS-Connected Solar PV Power Projects Anywhere in India with “Greenshoe Option” – EQ
Summary:
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## Key Business Information
| Parameter | Detail |
|———–|——–|
| **Petitioner** | NTPC Limited |
| **Total Tendered Capacity** | 1,200 MW |
| **Greenshoe Option** | Up to 600 MW (not awarded) |
| **Total Bids Received** | 1,020 MW from 6 bidders |
| **Capacity Offered for Reverse Auction** | 816 MW |
| **Final Awarded Capacity** | 720 MW |
| **PPA Term** | 25 years |
| **Tariff Range** | ₹2.55 – ₹2.60 per kWh |
| **Trading Margin (NTPC)** | ₹0.07/kWh (subject to escrow/LC condition) |
| **Bidding Process** | Single Stage Two Envelope + e-Reverse Auction |
| **RfS Issue Date** | 29 August 2024 |
| **Reverse Auction Date** | 23 December 2024 |
| **Letters of Award (LoAs) Issued** | 22 January 2025 |
| **CERC Order Date** | 24 March 2026 |
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## Successful Bidders & Tariffs
| S. No. | Bidder | Awarded Capacity (MW) | Quoted Tariff (₹/kWh) |
|——–|——–|———————-|———————-|
| 1 | **Bharat Petroleum Corporation Ltd. (BPCL)** | 150 | **2.55** (L1) |
| 2 | **Onward Solar Private Limited** | 50 | 2.59 |
| 3 | **Renew Solar Power Private Limited** | 300 | 2.60 |
| 4 | **Illuminate Hybren Private Limited** | 120 | 2.60 |
| 5 | **Adyant Enersol Private Limited** | 100 | 2.60 |
| | **Total** | **720** | |
> **Note:** Dineshchandra R Agrawal Infracon (300 MW) remained in **Yellow Zone** with ₹2.70/kWh and was **not awarded** capacity as its final price was 5.88% above L1 (exceeds L1+2% range).
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## Bidding Process Timeline
| Event | Date |
|——-|——|
| RfS issued by NTPC | 29 August 2024 |
| Pre-bid meeting | 23 September 2024 |
| Last date of bid submission | 29 October 2024 |
| Opening of techno-commercial bids | 29 October 2024 |
| Opening of financial bids | 13 December 2024 |
| e-Reverse Auction | 23 December 2024 |
| Issuance of LoAs | 22 January 2025 |
| CERC petition filing | — |
| CERC order | **24 March 2026** |
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## Key Conditions of Letter of Award (LoA)
| Condition | Detail |
|———–|——–|
| **PPA signing** | Within 90 days of LoA, **subject to PSA signing** with end procurers |
| **Performance Guarantee** | ₹28 Lakh/MW (BPCL: ₹42 Crore for 150 MW) |
| **Success Fee** | ₹1 Lakh/MW + 18% GST (payable before PPA signing) |
| **Shareholding lock-in** | Bidder must maintain ≥51% in SPV until 1 year after SCSD |
| **Project location change** | Permitted until Financial Closure deadline |
| **Scheduled Commencement of Supply Date (SCSD)** | 24 months from PPA effective date (with 6 months extension option) |
| **Jurisdiction** | Courts of Delhi have exclusive jurisdiction |
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## Trading Margin – CERC Ruling
| Aspect | Ruling |
|——–|——–|
| **NTPC’s request** | ₹0.07/kWh trading margin |
| **Regulatory basis** | Regulation 8(1)(d) of Trading License Regulations, 2020 |
| **Condition for ₹0.07/kWh** | NTPC must provide escrow arrangement or irrevocable, unconditional, revolving LC to generators |
| **If condition not met** | Trading margin capped at **₹0.02/kWh** (per proviso to Regulation 8(1)(d) and Regulation 8(1)(f)) |
| **Final order** | Trading margin shall be as per PSAs, but subject to above cap |
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## Key Compliance & Risk Points for Bidders
| Area | Implication |
|——|————-|
| **Tariff adoption** | CERC has adopted tariffs, but PPAs not yet signed – pending PSA with DISCOMs |
| **Demand risk** | Greenshoe option not exercised due to lack of DISCOM offtake certainty |
| **Trading margin risk** | NTPC’s margin may reduce to ₹0.02/kWh if escrow/LC not provided |
| **Performance guarantee** | ₹28 Lakh/MW – significant upfront cost |
| **Success fee** | ₹1 Lakh/MW + GST – payable before PPA signing |
| **Shareholding lock-in** | 51% control must be maintained until 1 year after SCSD |
| **Delayed PPA signing** | If delay attributable to SPG beyond 30 days, NTPC can cancel LoA and encash EMD/PBG |
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