India’s RE tenders fall 49 percent in Q1 2025 as tariffs rise

JMK Research & Analytics, a consultancy firm in India, has reported that 4.8 GW of utility-scale RE tenders were floated in India in Q1 2025. This amount is a 49% decrease from Q4 2024 and an 88.2% year-on-year fall compared to Q1 2024 issuance levels. JMK Research states that approximately 7 GW of renewable capacity was awarded, which is an 8.6% fall from the award volume in the last quarter. NTPC and Adani received the biggest solar capacities in the quarter, grabbing 1 GW and 400 MW, respectively. Adani, Jindal Renewables, and Illuminate Hybren were awarded an aggregate 850 MW under wind-solar hybrid tenders floated in the same quarter. The lowest tariff for solar was INR 2.56/kWh (~$0.031), up 19% from the Q4 2024 benchmark rate. NLC offered the lowest tariff for wind at INR 3.74/kWh (~$0.045), whereas Jindal Renewables offered INR 3.38/kWh (~$0.041) for hybrid, a 5% and 6% increase respectively.