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India issued tenders for 73 GW of utility-scale renewable energy capacity in 2024, exceeding the Ministry of New and Renewable Energy’s (MNRE) annual target of 50 GW. A significant portion of these tenders included wind-solar hybrid and battery energy storage projects, highlighting the growing demand for stable and high-quality power supply.
The rise in tendering activity, however, has presented challenges that could impact project execution and investor confidence. Around 8.5 GW of tenders were undersubscribed—five times higher than in 2023—due to complex tender structures, aggressive bidding, and delays in the readiness of the interstate transmission system (ISTS). Additionally, over 40 GW of projects are awaiting power sale agreement (PSA) signings, with the Solar Energy Corporation of India (SECI) accounting for 12 GW of this backlog.
Wind energy has emerged as a key component in India’s renewable transition, with hybrid wind-solar projects gaining traction. However, inefficiencies in the tendering process have led to delays, with 38.3 GW of utility-scale renewable energy projects cancelled between 2020 and 2024. The report calls for streamlining the transition from request for selection to PSA finalization to sustain momentum in India’s clean energy expansion.
