India Energy Storage Market Update May 2025

Picture Credit: Kilokari BESS Private Ltd (KBPL)

 Month Highlights (1/2

Project PPA Signed and Tariff Adopted

1. JSW and UPPCL signed 1.5 GW/ 12 GWh Pumped Hydro PPA at INR 77.2 lacs/MW/year. Located at Sonbhadra District, UP
2. Reliance NU Suntech signed PPA with SECI for supplying 465 MW/ 1,860 MWh BESS, at a tariff of INR 3.52/kWh
3. GERC approved GUVNL tariff petition for 500MW/1000 MWh BESS project, discovered tariff was INR 2.25 lacs/MW/month
Tenders Floated – 7 Issued
1. NTPC was on a roll in the month sharing multiple BESS EPC tenders, NGEL issued 250 MW/ 1000 MWh BESS tender for Kayamkulam in Kerala,
NTPC Green issued 130 MW/ 520 MWh BESS tender in Telangana, NTPC Renewables shared 56 MW floating solar with 60 MW/240 MWh BESS
2. AEML shared energy storage tender for 500 MW/2500 MWh with an additional greenshoe of 250 MW.
3. Powergrid shared 2 EPC tenders, one for development of 85 MW Solar with 5 MW/ 20 MWh BESS and another for 2.1MW Solat with
Note: Limited to utility scale competitive bid tenders only

300kW/1.2MWh BESS at Ladakh

4. KREDL Shared Solar +BESS tender of 250 MW Solar +250 MW/1100 MWh BESS
Projects Awarded – 2 PPA signed, 1 tariff adopted
1. SJVN’s 1.2GW Solar+ 2.4GWh BESS tender was awarded to SAEL, Jindal India RE, Sembcorp, JBM RE, Hindustan Power at INR3.32/kWh
2. NHPC Kerala standalone BESS tender was awarded to NTPC Green, Opera Energy and TPREL at INR 4.34-4.58 lacs/MW/month
3. SECI RTC 2 was awarded to Jinda India, Sembcorp, HFE and Hexa Climate at INR 5.06/kWh, only 432MW was bid out from the total of 1.2GW
capacity.

Source: Tender nodal agency websites, compiled by Debmalya Sen

 Month Highlights (2/2)

Investments
1. ReNEw announced that it will Invest INR22K Crores in RE projects in AP, the project includes a 1.8 GW Solar, 1 GW wind
facility along with 2 GWh of BESS
2. IFC announced participation in financing India’s largest Stationary storage BESS with support from Clean Technology Firm
and Global Energy Storage Program. (Indigrid Gujarat Project)
Policy and Regulatory Enablers
1. In a recent discussion of National Committee on Transmission (NCT), BESS was discussed as an alternative to HVDC line for
Rajasthan, a proposed 6 GW *4.25 Hrs. would cost around INR 21K Crores as against HVDC line (VSC Tech) cost of INR 34K
Cr., further a lifetime cost benefit analysis is directed to be conducted.
Note: Limited to utility scale competitive bid tenders only

2. CTUIL proposed 3 acres/100 MWh as benchmark land requirement for BESS Projects
3. Rajasthan Mandated BESS for Captive projects exceeding 100% contract demand.
4. Forum of Regulators proposed exempting PSPs for electricity duties and cess on input energy for pumping to reduce costs
and promote investments in PSPs. They also suggested extending the waiver on ISTS charges for new PSPs beyond June 30,
2025

Source: Tender nodal agency websites, compiled by Debmalya Sen

 India Energy Storage Linked Tenders Tracker 2018 – 2025
112
RE Capacity ESS Capacity PSP Capacity BESS Capacity
Stage Number of Tenders 7
GW GWh GWh GWh
NIT 5 1.21 10.06 10.06
RfS 24 8.06 46.63 35.25 12.58 18
Bidding Closed 7 1.20 6.90 6.90
Cancelled 29 11.43 38.72 31.63 7.22
Awarded 20 11.17 10.29 9.14 22
Under Construction 20 9.22 46.54 39.45 7.59
Operational 7 0.16 0.50 0.00 0.50
Total 112 42 160 106 54

 As of May 2025, BESS capacity of 500 MWh is operational, with ~0.5 GWh worth capacity expected 29
to come online by Q3-Q4, 2025
35
 Of the total ESS capacity, 35% is under various stages of execution, 24% is
9 26 7
cancelled and 39% is under tendering process 25
1 4
4 11 4
14 5 24
2
2 4
5 12 3 15
2 3 2
2 10 7
2 2
1 1
1
1 1
1 2
1 1 3 5
2018 2019 2020 2021 2022 2023 2024 2025 Total
Legend Operational Under Construction Awarded Bidding Closed Cancelled Open Tender Notice for Tender

Note: The numbers in the graph refers to the number of tenders. Captures only projects/ tenders in competitive bidding domain
Updated till 29 May 2025
Source: Tender nodal agency websites, press releases, compiled by Debmalya Sen
As of May 2025, 160 GWh of ESS Capacity tenders has been shared of which 57 GWh is in various stages of
execution and 53 GWh is in tendering process with 39 GWh tenders cancelled

Technology Breakup of Tenders (GWh) Capacity wise Tender Status as of May 2025 (GWh)

Operational
Others
160 0%
4% 160
Execution BOOT
29% RfS 7% 0.5
36%
EPC
47 23% Business 46.1
Models
Awarded
7% BOO
106 1 Bidding 66%
10 Cancelled Closed 10.4
25% 3%

35
1.7 X 39.0
47 70
54 5.4
39 5.6 X
13 41 41.3 43
1 1.4 2.5 1.9
10 39
48.1
8
7 31.6 7.2 28.1
32 7 7 5.8
7 2.9
9 10 3.5 7.5 12.5 10.0 10.1
BESS (GWh) PSP (GWh) Total ESS (GWh) 2018
2018 - 2022 2023 2024 2025 Total
Legend Operational Under Construction Awarded Bidding Closed Cancelled Open Tender Notice for Tender

Note: Captures only projects/ tenders in competitive bidding domain. Certain tenders are agnostic of technology hence not captured in BESS or PSP but taken into the total ESS column
 The Indian Energy Storage Tender Landscape – Multiple Innovations, some hits and some misses

RE Solar
Standalone FDRE
Tender Category + +
Assured Load Peak ESS/ RTC BESS
BESS PSP RTC Total
Peak Following Supply
Solar (GW) +
Unit GWh GWh GW GW GW GW GW GW
BESS (GWh)

Number of Tenders 36 13 9 6 3 2 20 9 30

Total Capacity 32.5 13.9 10.3 5.4 3.6 1.7 21.6 9.5 12.3 / 16.5
Note: Limited to utility scale competitive bid tenders only

NIT 10.02 - - - - - - - 1.2 / 0.04

Tender Open 4.0 35.4 1.5 1.0 - 1.5 5.1 0.5 2.8/ 6.1
Present Status of Tender

Bidding Closed 4.0 - - - - - - 1.2/ 2.4

Tender Awarded 4.4 - 3.2 0.6 2.0 0.2 5.6 1.9 3.4/ 5.4

Cancelled 4.7 34.5 0.4 3.8 1.5 - 5.7 5.8 1.2 / 0.7

Under Construction 4.5 39 5.3 - - - 5.3 1.3 1.2/ 1.2

Operational 0.04 - - - - - - - 0.2 / 0.2

Source: Tender nodal agency websites, compiled by Debmalya Sen

 BESS Landscape – The Winners
FDRE – Assured Peak. Load Following, Peak Specific. RTC

Solar + BESS

Standalone BESS
 A total of 0.5 GWh of BESS Capacity is commissioned with 46 GWh (ESS) under execution as of May2025
A total of 1 GWh of capacity is expected to come online in 2025, with the capacity since increasing steadily YOY till 2029-30

Tendering RE ESS Storage Winning Bid

Location Tender scope Category Winner
authority (MW) (MWh) Technology (INR)
Operational
TPDDL Delhi - 10 EPC Standalone Fluence BESS -
NLC A&N Islands 20 8 EPC Solar + ESS L&T BESS 133 Crores (6.99/kWh)
GPCL Modera 6 15 EPC Solar + ESS Mahindra-Susten BESS 65 Crores
SECI Lakshadweep 1.7 1.4 EPC Solar + ESS Sunsource BESS -
SECI Chhattisgarh 100 120 EPC Solar + ESS TATA Power BESS 770 Crores
GSECL Kutch 35 57 EPC Solar + ESS L&T BESS 335 Crores (5.6/kWh)
BRPL Delhi - 40 BOOT Standalone Indigrid BESS 57 lacs/MW/year
Under Construction
SECI PAN India 1200 600 BOO RE + ESS Renew, Greenko BESS, PSP 4.30, 4.04/kWh
SECI PAN India 400 100 BOO RTC Renew BESS 3.60/kWh
SECI A&N Islands 4 2 BOO Solar + ESS Sunsource BESS -
NTPC PAN India - 3000 BOO Standalone Greenko PSP 27.8 lac/MWh/year
Note: Limited to utility scale competitive bid tenders only

REMCL PAN India 900 Optional BOO RTC Sprng, NTPC, Ayana NA 3.99, 4.10, 4.10/kWh
KREDL Karnataka 2 4.5 EPC Solar + ESS NSure Reliable BESS -
SECI Kaza 2 1 EPC Solar + ESS Suryam International BESS -
SJVN PAN India 2368 664 BOO FDRE Peak O2, Blupine, ACME, HFE, TPREL, Juniper, ReNew BESS 4.38 - 4.39/kWh
GUVNL Gujarat - 500 BOO Standalone Indigrid, Gensol BESS 4.49 lacs/MW/month
MSEDCL Maharashtra - 24000 BOOT Standalone JSW & Torrent PSP 0.80 - 1.10 Cr/MW/year
SECI Leh 25 50 EPC Solar + ESS Prozeal BESS 313 Crores
NTPC Noida - 3 EPC Standalone Rays Power BESS -
NHPC PAN India 1400 - BOO FDRE Peak Brightnight, HFE, Blupine, Juniper, ReNew, ACME BESS 4.55 – 4.63/kWh
NTPC PAN India 1530 415 BOO FDRE Peak Axis, ReNew,TPREL, Juniper,Serentica, Brightnight, HFE BESS 4.64 – 4.73/kWh
SECI PAN India 1200 1200 BOO Solar+ ESS Peak Mgmt. BESS 3.41-3.42/kWh
MSEDCL Maharashtra - 1500 BOO Standalone Pace Digitek BESS 2.19 lac/MW/month
BSPGCL Bihar 185 254 EPC Solar + BESS L&T BESS -
GUVNL Gujarat - 500 BOO Standalone Gensol BESS 3.72 Lacs/MW/month
SECI Kerala - 500 BOO Standalone JSW BESS 4.41 [Link]/month
GUVNL Gujarat - 1000 BOO Standalone HG Infra, Advait, Bhilwara, Kintech BESS 2.26 lacs/MW/month
UPPCL Uttar Pradesh - 12000 BOO Standalone JSW & Adani PSP 93.9 lacs/MW/year
Source: Tender nodal agency websites, compiled by Debmalya Sen
 Opportunity @ 53 GWh ESS Capacity with 8 GW RE as of March 2025 | 20 GWh BESS, 35 GWh PSP
Tendering RE ESS Tender Storage Tender Tender
Location Use Case
Authority (MW) (MWh) Scope Technology Year Month
DoP, WB West Bengal - 4500 DFBOT Peak Mgmt. PSP 2023 Jul-23
MPPMCL PAN India - 3000 BOOM Peak Mgmt. PSP 2023 Oct-23
THDC PAN India - 12000 EPC Peak Mgmt. PSP 2024 Apr-24
KREDL Karnataka 100 100 EPC Peak Mgmt. BESS 2024 Jul-24
RUMSL Madhya Pradesh 600 Mandatory BOO Peak Mgmt. BESS 2024 Sep-24
NTPC Ramagundam - 400 EPC Peak Mgmt. BESS 2024 Oct-24
NTPC PAN India 1200 Mandatory BOO Firm and Dispatchable RE BESS 2024 Oct-24
PSPCL PAN India 1000 - BOO Firm and Dispatchable RE Agnostic 2024 Dec-24
SECI Lakshadweep 9 32 RESCO Peak Mgmt. BESS 2025 Jan-25
REMCL PAN India 500 Optional BOO RTC - 2025 Jan-25
NTPC PAN India 1200 2400 BOO Peak Mgmt. BESS 2025 Jan-25
BSPGCL Bihar - 500 BOOT Peak Mgmt. BESS 2025 Feb-25
NHPC Andhra Pradesh - 1000 BOO Peak Mgmt. BESS 2025 Feb-25
NTPC PAN India - 1000 BOO Peak Mgmt. BESS 2025 Feb-25
SJVN Uttar Pradesh - 1500 BOO Peak Mgmt. BESS 2025 Feb-25
Note: Limited to utility scale competitive bid tenders only

NVVN Rajasthan - 1000 BOO Peak Mgmt. BESS 2025 Feb-25

TNGECL Tamil Nadu - 1000 BOO Peak Mgmt. BESS 2025 Feb-25
BSPGCL Bihar 116 202 EPC Peak Mgmt. BESS 2025 Mar-25
NHPC PAN India 1200 2400 BOO Peak Mgmt. BESS 2025 Mar-25
DVC Jharkhand - 500 EPC + O&M Peak Mgmt. BESS 2025 Apr-25
UPPCL PAN India - 12000 EPC + O&M Peak Mgmt. PSP 2025 Apr-25
TATA Power D PAN India 250 Mandatory BOO Firm and Dispatchable RE Agnostic 2025 Apr-25
AEML PAN India - 3750 BOO Peak Mgmt. Agnostic 2025 Apr-25
NGEL Kerala - 1000 EPC Peak Mgmt. BESS 2025 May-25
NTPC Ramagundam - 520 EPC Peak Mgmt. BESS 2025 May-25
NTPC Karanpara 56 240 EPC Peak Mgmt. BESS 2025 May-25
PowerGrid Madhya Pradesh 85 20 EPC Peak Mgmt. BESS 2025 May-25
KREDL Karnataka 250 1100 BOO Peak Mgmt. BESS 2025 May-25
Source: Tender nodal agency websites, compiled by Debmalya Sen
 There are a sizable capacity (10.4 GWh ESS associated with ~10 GW RE) in market waiting for an off-taker. 7 projects (5 GW
RE + 2.2 GWh BESS) has already crossed 6 months since price discovery/ been awarded
Tender Tender
Tendering RE/ Solar ESS Tender Winning Bid
Location Category Winner Release Award
authority (MW) (MWh) Scope (INR)
Month Month

SECI PAN India 1200 1200 BOO RE + ESS AMP,ReNew,HFE, ACME 4.64 - 4.73/kWh Nov-22 Apr-23

REMCL PAN India 700 Optional BOO RTC Torrent,ReNew,O2,NTPC,ACME,TATA 4.25 - 4.43/kWh Sep-23 Jan-24

SECI PAN India 630 Mandatory BOO FDRE Load Serentica, JSW, HFE, Vena, Hexa 4.98 - 4.99/kWh Aug-23 Jul-24

Essar, Juniper, Serentica, Hexa Climate,

NHPC PAN India 1200 Mandatory BOO FDRE Peak 4.37 - 4.38/kWh Jan-24 Jul-24
Avaada

SJVN PAN India 1200 Mandatory BOO FDRE Peak Hero, Zelestra, Juniper, ReNew, Avaada 4.25/kWh Mar-24 Oct-24

NTPC RJ/ GJ - 1000 BOO Standalone Indigrid, HG infra, Kintech Synergy 2.37-2.39 lacs/MW/month Jun-24 Oct-24

NTPC PAN India 760 Mandatory BOO FDRE Peak Hexa Climate, ACME, Avaada 4.69 – 4.70/kWh Jun-24 Nov-24

SECI PAN India 200 800 BOO FDRE Peak O2 Power 8.50/kWh Sep-24 Jan-25

NHPC PAN India 1200 1200 BOO Solar + BESS Onix, NTPC, Jindal, Rays Power, Adani 3.09/kWh Sep-24 Jan-25

RVUNL Rajasthan - 1000 BOO Standalone Oriana, Solarworld, JSW, Rays Power 2.21-2.24 lacs/MW/month Nov-24 Jan-25

ReNeW,Eg Energy, Dinesh Chandra, Serentica,

SJVN PAN India 448 Mandatory BOO RTC 4.82- 4.91/kWh Sep-24 Feb-25
TPREL

TGGENCO Telangana - 500 BOO Standalone Bondada Engg, Oriana Power, Pace Digitek 2.40 – 2.45 lacs/MW/month Jan-25 Mar-25

GUVNL Gujarat - 1000 BOO Standalone Solarworld. HG Infra 2.80-2.85 lacs/MW/month Jan-25 Apr-25

NHPC Kerala - 500 BOO Standalone NTPC, Opera Energy 4.34-4.58 lacs/MW/month Jan-25 May-25

SECI PAN India 432 - BOO RTC Jndal India, Sembcorp, Hexa, HFE 5.06-5.07/kWh Oct-24 May-25

Source: Tender nodal agency websites and commission notes, compiled by Debmalya Sen
Solar with BESS gained significant traction in 2024, the year saw 6.5X increase in tendered capacity compared to
2018-2023 combined, 3.09/kWh for 2 Hrs. 3.32/kWh for 4 Hrs. has been the L1 Discovered Tariff

Karnataka 16.49 Use Case

2022
2MW,4.5MWh
PowerGrod
Kutch 85 MW/20 MWh RE
35MW,57MWh NTPC Integration
2021 24%
Tamil Nadu 56 MW/240 MWh
1MW,3MWh NHPC 12.33
1.2GW/2.4 GWh
SECI Leh BSPGCL Operational Peak
20MW,50MWh 7.83 8.95 116 MW/ 202 MWh 0.2 GW/ 0.2 GWh 43%

SECI Chhattisgarh NHPC NTPC Construction

2020 1.2GW, 1.2GWh 5 MW. 12 MWh
100MW,120MWh
1.2 GW/1.2 GWh
SECI -A&N Islands RUMSL NTPC
600 MW 1.2 GW, 2.4 GWh Awarded
4MW,2MWh
SJVN-PAN India SECI 3.2 GW, 5.2 GWh
9 MW, 32 MWh DG Offset
Lakshadweep Bihar 1.2GW, 2.4 GWh
33%
1.7MW,1.4MWh 185MW, 254MWh SECI-PAN India 6.41 Cancelled
2GW, 4 GWh 1.3 GW, 0.7 GWh
Modera RUVNL
2019
6 MW, 15 MWh 1200MW,600MWh KREDL Bidding Closed Business Model
100MW,100MWh
SECI - Leh SECI - Kaza 1.2 GW/ 2.4 GW
3 MW, 3 MWh 2 MW,1 MWh Lakshadweep 2.92 RESCO
1.4MW, 1.1MWh Tendering Stage
5%
SECI A&N Islands SECI - Leh 3.4 GW, 5.4 GWh
20 MW, 8 MWh
2018 1.39 20MW, 50MWh
0.86 NIT
0.20 0.28 SECI –PAN India
1.2GW, 1.2GWh
1.5 GW, 0.02 GWh
BOO
2018 - 2022
2018 2023 2024 2025 Total 36%

Tendering Agency/ State

EPC
Solar (MW), BESS (MWh) Solar (GW) BESS (GWh) 59%

Legend Operational Under Construction Awarded Bidding Closed Cancelled Open Tender Notice for Tender

Source: Tender nodal agency websites, compiled by Debmalya Sen

 Solar + BESS Tenders Tariff Discovery Trend
The tariff for Solar + BESS projects has seen a gradual decline even with increasing penetration of BESS component in each project and storage duration.

5000 8
6.99
Bid Capacity (Solar (MW) and BESS (MWh)

4000
4000
5.6 6

L1 Tariff (INR/kWh)
3000
2400 4
3.41 3.52
3.32
2000 3.09
2000

1200 1200 1200 1200 1200

2
1000

4 Hours 4 Hours
20 8 35 57
0 0
NLC GSECL SECI 1 SECI2 NHPC SJVN
April June March August September May
2018 2021 2024 2025
Bid Winning month

Sum of Solar Sum of BESS Sum of Bid2

Source: Tender nodal agency websites, commission notes, compiled by Debmalya Sen
 Solar with BESS Tenders Overview | 2018 - 2025
Tendering RE ESS Tender Winning Bid Tender
Sl. No. Location Use Case Current Status Winner
authority (MW) (MWh) scope (INR) Year
1 NLC A&N Islands 20 8 EPC DG Optimization Operational L&T 133 Crores (6.99/kWh) 2018
2 SECI 1 Leh 3 3.2 EPC DG Optimization Cancelled Sunsource 2019
3 GPCL Modera 6 15 EPC RE Integration Operational Mahindra-Susten 65 Crores 2019
4 SECI 2 Lakshadweep 1.7 1.4 EPC DG Optimization Operational Sunsource - 2019
5 SECI 3 A&N Islands 4 2 BOO DG Optimization Under Execution Sunsource - 2020
6 SECI 4 Chhattisgarh 100 120 EPC RE Integration, peak mgmt. Operational TATA Power 770 Crores 2020
7 SECI 5 Leh 20 50 EPC DG Optimization Cancelled TATA Power 368 Crores 2020
8 TANGEDCO Tamil Nadu 1 3 BOO RE Integration, peak mgmt. Cancelled 2021
9 GSECL Kutch 35 57 EPC RE Integration Operational L&T 335 Crores (5.6/kWh) 2021
10 KREDL 1 Karnataka 5 16 EPC Peak Mgmt. Cancelled 2022
11 KREDL 2 Karnataka 2 4.5 EPC Peak Mgmt. Tender Awarded NSure Reliable - 2022
12 SECI 6 Kaza 2 1 EPC DG Optimization Under Execution Suryam International - 2023
13 RUVNL PAN India 1200 600 BOO Peak Mgmt. Cancelled Blupine, ACME 6.68/kWh (600 MW) 2023
14 BSPGCL Bihar 185 254 EPC Peak Mgmt. Tender Awarded L&T 2023
15 SECI 7 PAN India 1200 1200 BOO RE Integration Under Execution Pace Digitech, ACME, HFE 3.41 - 3.42/kWh 2024
16 SECI 8 Lakshadweep 1.4 1.1 RESCO DG Optimization RfS Issued 2024
17 SECI 9 Leh 25 50 EPC Peak Mgmt. Tender Awarded Prozeal 313 Crores 2024
18 KREDL 3 Karnataka 100 100 EPC Peak Mgmt. RfS Issued 2024
Reliance, Blupine, HFE,
19 SECI 10 PAN India 2000 4000 BOO Peak Mgmt. Tender Awarded 3.52 – 3.53/kWh 2024
Sembcorp, NTPC
SAEL, Hindistan Power, Relaince,
20 SJVN PAN India 1200 2400 BOO Peak Mgmt. Tender Awarded 3.32 – 3.33/kWh 2024
Jindal,JBM
21 RUMSL Madhya Pradesh 600 Mandatory BOO Peak Mgmt. RfS Issued 2024
22 NHPC PAN India 1200 1200 BOO Peak Mgmt. Tender Awarded Onix,Renew,Adani,Kolar,NTPC 3.09 – 3.10/kWh 2024
23 SJVN PAN India 1500 Mandatory BOO Peak Mgmt. NIT 2024
24 SECI Lakshadweep 9 32 RESCO Peak Mgmt. NIT 2025
25 NTPC PAN India 1200 2400 BOO Peak Mgmt. RfS Issued 2025
26 NTPC Noida 5 12 EPC Peak Mgmt. EoI 2025
27 BSPGCL Bihar 116 202 EPC Peak Mgmt. RfS Issued 2025
28 NHPC PAN India 1200 2400 BOO Peak Mgmt. RfS Issued 2025
29 KREDL Karnataka 250 1100 BOO Peak Mgmt. RfS Issued 2025
30 PowerGrid MadhyaPradesh 98 20 EPC Peak Mgmt. RfS Issued 2025
Source: Tender nodal agency websites, compiled by Debmalya Sen
 Firm and Dispatchable Renewables (FDRE) Status Overview | 2023 - 2025
FDRE consists of 4 different configurations, including (1) assured peak power, (2) Round the Clock (RTC) RE with firm delivery during demand hours, (3) Load following
power delivery as specified by DISCOM, and (4) RE projects with Firm delivery of power for fixed hours as per requirement of DISCOMs.

SECI RTC
(1200 MW) 21.6
SECI FDRE 5 SJVN FDRE 4
(1000 MW) (1500 MW)
Source: MNRE Guidelines, tender nodal agency websites, compiled by Debmalya Sen

PSPCL FDRE Capacity Quantity

NTPC FDRE 1 Parameter
(1000 MW) (GW) (Nos)
(3000 MW)
SJVN FDRE 3 Total 21.6 20
RUMSL
(400 MW) (1200 MW)
RfP Stage 5.1 5
NTPC FDRE 3
NHPC FDRE 1 Bidding Closed - -
(1200 MW)
(1500 MW)
11.2 SECI FDRE 6
Awarded 8.6 9
SECI FDRE 4
10.2 (630 MW) (2000 MW) Under Construction 3.9 2

SECI FDRE 3 NHPC FDRE 3 Cancelled 7.5 5

(800 MW) (1200 MW)
Note: Cancelled capacity includes capacity not awarded

SECI FDRE 2 NTPC FDRE 2

(1500 MW) (1200 MW)

SECI FDRE 1 SJVN FDRE 2

(500 MW) (1200 MW)

SJVN FDRE 1 NHPC FDRE 2 TATA Power D

GW (2368 MW) (1200 MW) 0.25 (250 MW)

2023 2024 2025 Total

Legend: Under Construction Cancelled Awarded (partial) Awarded Tendered Bidding closed Load following model RTC model Peak dispatch specific

Note: NTPC 1: 1,584 MW awarded out of 3,000 MW, NHPC 1: 1.4 GW awarded out of 1.5 GW, NTPC 2, 760 MW awarded out of 1200 MW, SECI FDRE 6, 200 MW awarded out of 2 GW;SJVN
RTC 480 MW tendered out of 1.2GW
 Firm and Dispatchable Renewables (FDRE) Status Overview | 2023 - 2025
4000 10

8.5

3000 7.5
Source: Tender nodal agency websites, commission notes, compiled by Debmalya Sen

5.59
4.98 5.06
4.64 4.69 4.81
2000 4.55 4.37 4.48 4.38 5
4.25

ESS
Optional

1000 2.5

0 0
SECI FDRE 2 SECI FDRE 4 NHPC FDRE NHPC FDRE NHPC FDRE NTPC FDRE NTPC FDRE SJVN FDRE 1 SJVN FDRE 2 SECI FDRE 6 SJVN RTC 1 SECI RTC2
1 2 3 1 2

xFDRE Load Following FDRE Peak Guarantee Peak RTC

Dispatch

RE Capacity Tendered (MW) RE Capacity Awarded (MW) L1 Price (INR/kWh)

Note: NTPC 1: 1,584 MW awarded out of 3,000 MW, NHPC 1: 1.4 GW awarded out of 1.5 GW, NTPC 2, 760 MW awarded out of 1200 MW, SECI FDRE 6, 200 MW awarded out of 2 GW, SJVN
RTC 1 448 MW awarded out of 1.2 GW
 Firm and Dispatchable Renewable Energy Tenders – Performance Tracker
Award/
Tendering RE ESS Tender Winning Bid Tender PSA Sign
FDRE Category Current status Winner Cancle
authority (MW) (MWh) scope (INR) Month Month
Month
O2, Blupine, ACME, HFE, TPREL,
SJVN 2368 664 BOO Assured Peak Under Execution 4.38 - 4.39/kWh Jun-23 Nov-23 Jun-24
Juniper, ReNew
SECI 500 Mandatory BOO Load Following Cancelled Jul-23 Sep-24
SECI 1500 Mandatory BOO Load Following Cancelled HFE, JSW, Serentica, ReNew 5.59 - 5.60/kWh Jul-23 Mar-24
SECI 800 Mandatory BOO Load Following Cancelled Aug-23 Apr-24
Source: MNRE Guidelines, tender nodal agency websites, compiled by Debmalya Sen

SECI 630 Mandatory BOO Load Following Commission Approved Serentica, JSW, HFE, Vena, Hexa 4.98 - 4.99/kWh Aug-23 Jul-24 Mar-25
Brightnight, HFE, Blupine, Juniper,
NHPC 1400 Mandatory BOO Assured Peak Under Execution 4.55 - 4.63/kWh Sep-23 Feb-24 Jan-25
ReNew, ACME
RUMSL 400 Mandatory BOO Assured Peak Cancelled Oct-23 Aug-24
Axis, ReNew, TPREL, Juniper,
NTPC 1530 415 BOO Assured Peak Under Execution 4.64 - 4.73/kWh Oct-23 Mar-24
Serentica, Brightnight, HFE
SECI 1000 Mandatory BOO Load Following Cancelled Nov-23 Sep-24
Essar, Juniper, Serentica, Hexa
NHPC 1200 Mandatory BOO Assured Peak Tender Awarded 4.37 - 4.38/kWh Jan-24 Jul-24
Climate, Avaada
Hero, Zelestra, Juniper, ReNew,
SJVN 1200 Mandatory BOO RTC Tender Awarded 4.25/kWh Mar-24 Oct-24
Avaada
NTPC 760 Mandatory BOO Assured Peak Tender Awarded Hexa Climate, ACME, Avaada 4.69 - 4.70/kWh Jun-24 Nov-24

NHPC 1200 Mandatory BOO Assured Peak Tender Awarded Rays Power, Avaada, ACME, Juniper 4.48 - 4.56/kWh Jun-24 Dec-24
SECI 200 Mandatory BOO Peak Only Tender Awarded O2 Power 8.50/kWh Sep-24 Jan-25
ReNew, Eg Energy, Dinesh Chandra,
SJVN 448 Mandatory BOO RTC Tender Awarded 4.82-4.91/kWh Sep-24 Feb-25
Serentica, TPREL
NTPC 1200 Mandatory BOO Assured Peak RfS Issued Oct-24
SECI 1200 Mandatory BOO RTC Tender Awarded HFE, Hexa, Jindal, Sembcorp 5.06-5.07/kWh Oct-24 May-25
PSPCL 1000 Mandatory BOO Load Following RfS Issued Dec-24
SJVN 1500 Mandatory BOO Peak Only RfS Issued Dec-24
TATA Power D 250 Mandatory BOO Assured Peak RfS Issued Apr-25
Note: SECI FDRE 2 cancelled after being awarded; NTPC: 1,584 MW awarded out of 3,000 MW, SJVN 1: 1.18 GW awarded out of 1.5 GW, NHPC: 1.4 GW awarded out of 1.5 GW, NTPC 2 – 760 of 1200MW awarded,
SECI FDRE 6, 200 MW out of 2GW awarded. SECI FDRE 4 PSA not signed
 Standalone BESS Tenders Growth Trend | 2022 - 2025
The Stationary storage market has seen a huge turnaround with the decreasing cost of batteries over the last 2 years. The approval of viability gap funding for the
sector has further accelerated tendering activities by various central and state nodal agencies. In between 2023 - 24, the market grew by 5.8X times!

Capacity Quantity Tender Capacity Quantity

Project Stage
(GWh) (Nos) Type (GWh) (Nos)
GUVNL
Total 36 32.5 EPC 13.1 11 (500MW/ 1000MWh)
NTPC 33.66
SECI
Source: Tender nodal agency websites, press releases, compiled by Debmalya Sen

BOOT 2.90 5 (130 MW/520MWh)

Operational 0.04 1 (1GW/ 2GWh) NTPC
Under Construction 4.5 6 BOO 16.4 20 (250 MW/1000MWh)
NTPC
(500MW/ 1000MWh) DVC
Awarded 4.4 7 Capacity No of
(250 MW/500MWh)
VGF (%) NTPC TNGECL
under VGF Tenders
Cancelled/ On Hold 4.7 9 (250MW/ 500MWh) (500MW/1000MWh)
30% of NVVN(RJ)
Bidding Closed 4.0 5 12.1 GWh 15 NTPC
CAPEX (0.6MW/ 3MWh) (500MW/1000MWh)

Tender Open 4.9 6 21.52 SJVN(UP)

UPPCL (375MW/1500MWh)
Notice for Tender 10.02 2 (300MW/1200MWh)
NVVN
(250MW/1000MWh)
MSEDCL
(750MW/1500MWh) NHPC(AP)
UPPCL GUVNL
(500MW/1000MWh)
(50MW/ 200MWh) (250MW/ 500MWh)
GUVNL BSPGCL
(500MW/1000MWh) (125MW/500MWh)
GUVNL AEML
(25MW/ 50MWh) (54MW/ 66MWh) KPTCL
NTPC (500MW/1000MWh)
10.20 (100MW/400MWh)
KSEB SECI NTPC
(10MW/20MWh) (8MW/ 20MWh) OTPC (2.5GW/ 10 GWh)
(25MW/100MWh) TGGENCO
SECI BRPL (250MW/500MWh)
(0.5GW/ 1GWh) (20MW/ 40MWh) RVUNL
NHPC(Kerala)
(500MW/1000MWh)
(125MW/500MWh)
NTPC NTPC SECI(Kerala) GUVNL
GWh 1.31 (10MW/40MWh) (0.25MW/ 1.2 MWh)
0.63 (125MW/500MWh) (500MW/1000MWh)

2022 2023 2024 2025 Total

Legend Operational Under Construction Awarded Bidding Closed Cancelled Open Tender Notice for Tender EPC With VGF VRB tender
 Tariff Discovered for Standalone Tenders has seen 66% drop over in 2 years timeframe despite increasing
storage penetration and stricter resource availability requirements
2500 11.25 12
10.83 10.61 66% drop
2000 30% VGF support
2000 9.5

Li Tariff INR (Lacs/MW/month)

1500
Capacity (MWh)

1500 25% Drop

7
38% from last non
drop VGF tender
4.8
1000 4.49 1000 1000 1000 4.41 1000 4.34
1000 3.72 3.81 4.5
2.26 2.4 2.8
2.37 2.5
2.19 2.21
500 500 500 500 500
500 2
350
200 With Grant
20 40 4 hours 4 hours
0 -0.5

KPTCL
GUVNL Ph 2

GUVNL Ph 3

GUVNL Ph 4
BRPL
UPPCL

NVVN ESS 1

RVUNL
SECI ESS 1

SECI ESS 2

MSEDCL

TGGENCO

GUVNL

NHPC
KSEB

SECI(KSEBL)
x
x
x x
April OctoberSeptemberNovember March June October November January February March April May
2022 2023 2024 2025
Capacity (MWh) L1 Tariff INR (Lacs/MW/month) Single Cycle
Source: Tender nodal agency websites, press releases, compiled by Debmalya Sen
 Standalone BESS Tenders – Tracker (2022 – 2025)
Power Energy
Tendering No of Cycles Business Winning Quote
Tender Month Capacity Capacity Subsidy/VGF Present Status Winners
Authority per day Model (INR)
(MW) (MWh)

Mar-22 NTPC 10 40 1 EPC Cancelled

Apr-22 SECI 500 1000 2 BOOT Cancelled JSW Energy 10.83 lac/MW/month
Apr-22 KSEB 10 20 1 BOO Cancelled Hero Future 11.25 lac/MW/month
Jun-22 GUVNL 25 50 1 BOO Cancelled
Oct-22 UPPCL 50 200 2 BOOT Cancelled ACME, JSW, Continental Milkose 10.66 lac/MW/month
Apr-23 NTPC 0.25 1.2 1 EPC Tender Awarded Jayram Industries -
Source: MNRE Guidelines, tender nodal agency websites, compiled by Debmalya Sen

Sep-23 BRPL 20 40 1 BOOT Grant Operational Indigrid 57 lacs/MW/year

Oct-23 AEML 54 66 1 EPC Cancelled
Oct-23 SECI 8 20 1 BOO NIT
Nov-23 GUVNL 250 500 2 BOO Under Execution Indigrid, Gensol 4.49 lacs/MW/month
Mar-24 GUVNL 500 1000 2 BOO Under Execution Gensol 3.72 lacs/MW/month
Jun-24 NTPC 250 500 2 EPC Bid Closed
Jun-24 NTPC 0.6 3 1 EPC Tender Awarded Rays Power
Jun-24 NTPC 500 1000 2 BOO 30% VGF Tender Awarded Indigrid, HS Infra, Kintech Synergy 2.37 lacs/MW/month
Jun-24 SECI 1000 2000 2 BOO Cancelled JSW, Reliance ADA 3.81 lacs/MW/month
Aug – 24 UPPCL 300 1200 2 BOOT Cancelled
Aug – 24 MSECDL 1500 1 BOO 30% VGF Tender Awarded Pace Digitek 2.19 lacs/MW/month
Aug – 24 GUVNL 500 1000 2 BOO 30% VGF Under Execution Kintech, HG Infra, Bhilwara. Adwait 2.26 lacs/MW/month
Oct-24 NTPC 100 400 2 EPC RfS Issued
Oct-24 OTPC 25 100 1 EPC Cancelled
Nov-24 RVUNL 500 1000 2 BOO 30% VGF Tender Awarded Oriana,JSW,Rays Power,Solarworld 2.21 lacs/MW/month
Dec-24 SECI 125 500 1 BOO 30% VGF Under Execution JSW Energy 4.41 lacs/MW/month
Note: Only captures tenders under competitive bidding
 Standalone BESS Tenders – Tracker (2022 – 2025)
Power Energy
Tendering No of Cycles Business Winning Quote
Tender Month Capacity Capacity Subsidy/VGF Present Status Winners
Authority per day Model (INR)
(MW) (MWh)

Jan-25 GUVNL 500 1000 2 BOO RfS Issued Solarworld, HG Infra 2.80 lacs/MW/month
Jan-25 NHPC 125 500 2 BOO 30% VGF Tender Awarded NTPC, Opera Energy 4.34 lacs/MW/month
Jan-25 TGGENCO 250 500 2 BOO 30% VGF Tender Awarded Bondada Engg, Oriana Power, Pace Digitek 2.40 Lacs/MW/month
Jan-25 NTPC 2500 10,000 2 EPC + O&M NIT
Feb-25 KPTCL 500 1000 2 BOOT 30% VGF Tender Awarded Sarala, Oriana, Pace Digitek 2.49 lacs/MW/month
Source: MNRE Guidelines, tender nodal agency websites, compiled by Debmalya Sen

Feb-25 BSPGCL 125 500 1 BOO 30% VGF RfS Issued

Feb-25 NHPC 500 1000 2 BOO 30% VGF Bidding Closed
Feb-25 NTPC 250 1000 1 BOO 30% VGF RfS Issued
Feb-25 SJVN 375 1500 1 BOO 30% VGF RfS Issued
Feb-25 NVVN 500 1000 2 BOO 30%VGF RfS Issued
Feb-25 TNGECL 500 1000 2 BOO 30% VGF Bidding Closed
Apr-25 DVC 250 500 2 EPC + O&M RfS Issued
May-25 NTPC 130 520 2 EPC + O&M RfS Issued
May-25 Kerala 250 1000 2 EPC + O&M RfS Issued

Note: Only captures tenders under competitive bidding

 Pumped Hydro Tenders under the Competitive Bidding Guidelines – Status Quo
PSP Total Capacity Under Capacity Under
Cancelled
Potential Tenders Tendered Execution Awarded Tendering

181 GW 13 106 GWh 39 GWh - 35 GWh 32 GWh

In the competitive bidding space, of the total capacity tendered, 35% is in various stages of execution, 28% in under tendering process while 37% has been
cancelled. The table below details the status of all 13 tenders issued by various nodal agencies since 2019

Tender Tendering RE Power Energy Tender Current Winning Bid

Location Use Case Winner
Year authority (MW) (MW) (MWh) scope Status (INR)
2019 SECI PAN India 900 - 450 BOO Peak Mgmt. Under Execution Greenko 4.04/kWh
RE Integration,
2022 NTPC PAN India - 500 3000 BOO Under Execution Greenko 27.8 lac/MWh/year
peak mgmt.
2022 MSEDCL PAN India 250 - 125 BOO Peak Mgmt. Tender Awarded Ayana, NTPC 4.09/kWh
Note: Limited to utility scale competitive bid tenders only

RE Integration,
2023 PCKL Karnataka - 1000 8000 BOO Cancelled JSW, Greenko 1.48 Cr/MW/year
peak mgmt.
2023 NTPC PAN India - 1500 9000 BOO RE Integration (RTC) Cancelled
Firm and Dispatchable
2023 NTPC PAN India - 2000 12000 BOO Cancelled
Renewables
2023 DoP, WB West Bengal - 900 4500 DFBOT Peak Mgmt. RfS Issued
2023 MPPMCL PAN India - 500 3000 BOOM Peak Mgmt. RfS Issued
0.80 - 1.10
2024 MSEDCL Maharashtra - 3000 24000 BOOT RE Integration (RTC) Under Execution JSW & Torrent
Cr/MW/year
2024 UPPCL UP - 2000 12000 BOO RE Integration (RTC) Under Execution JSW & Adani 76-96 lacs/MW/year
2024 GRIDCO PAN India - 500 2500 BOO Peak Mgmt. Cancelled
2024 THDC PAN India - 2000 12000 EPC Peak Mgmt. RfS Issued
2025 UPPCL PAN India - 2000 12000 EPC Peak Mgmt. RfS Issued
2025 AEML Pan India - 750 3750 BOO Peak Mgmt. RfS Issued
Source: Tender nodal agency websites, compiled by Debmalya Sen
Thank You!