The Central Electricity Regulatory Commission (CERC) has approved the adoption of tariffs for 448 MW of Firm and Dispatchable Renewable Energy (FDRE) procured by SJVN Limited, with discovered rates ranging from ₹4.82 per kWh to ₹4.91 per kWh. The decision was issued on October 26, 2026, under Petition No. 233/AT/2026 and covers renewable energy projects connected to the Inter-State Transmission System (ISTS) for round-the-clock (RTC) power supply.
SJVN Limited, acting as a Renewable Energy Implementing Agency (REIA) and intermediary procurer under the Ministry of New and Renewable Energy (MNRE), invited bids in July 2024 for 1,200 MW of FDRE capacity. The tender was launched under the Ministry of Power’s June 2023 guidelines, which require renewable energy developers to combine generation sources with Energy Storage Systems (ESS) to provide reliable and dispatchable electricity according to the demand profiles of distribution companies.
Five developers submitted technical and financial bids for a combined capacity of 560 MW. Under the tender’s Request for Selection (RfS) provisions, the total awardable capacity was restricted to 80% of the quoted capacity, setting the eligible allocation at 448 MW. SJVN conducted an electronic reverse auction on February 27, 2025, and subsequently awarded the capacity to all five participating developers. Letters of Award were issued in May 2025.
ReNew Solar Power Private Limited received 100 MW at the lowest discovered tariff of ₹4.82 per kWh. EG Energy Development Private Limited secured 60 MW at ₹4.83 per kWh, while Dineshchandra R Agrawal Infracon Private Limited was awarded 100 MW at ₹4.86 per kWh. Serentica Renewables India Private Limited received 100 MW at ₹4.89 per kWh, and Tata Power Renewable Energy Limited secured the remaining 88 MW at ₹4.91 per kWh.
During the proceedings, CERC examined the delay in filing the tariff adoption petition. SJVN explained that it had held extensive discussions with state power utilities to ensure the marketability of the procured electricity. The Himachal Pradesh State Electricity Board Limited (HPSEBL) subsequently granted in-principle approval to procure the entire 448 MW during peak off-season months from October to March.
SJVN also confirmed that it would not offer additional capacity under the Green Shoe Option, following directions from the Ministry of Power and MNRE advising renewable energy implementing agencies to discontinue such provisions because they deviate from standard bidding guidelines.
The Commission found that the bidding process was transparent and non-discriminatory. It also observed that the discovered tariffs were competitive compared with earlier FDRE projects approved at rates exceeding ₹5 per kWh.
CERC conditionally approved SJVN’s requested trading margin of ₹0.07 per kWh, payable by the buying entities. However, the margin will be restricted to ₹0.02 per kWh if SJVN fails to provide developers with an escrow arrangement or an irrevocable revolving letter of credit. The Commission directed SJVN to submit the finalized Power Purchase Agreements and Power Sale Agreements after execution.
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