INR 2.67/unit tariff discovered for hybrid wind-solar 1.2 GW tender

The maiden tender for ISTS-connected hybrid wind-solar projects discovered an L1 tariff of INR 2.67/unit recently. The tender postponed six times in the past, due to lack of interest and the capacity was also reduced to 1.2 GW from 1.5 GW previously. The recent tender attracted two bidders who successfully bid for the hybrid projects:

These were the only two firms to participate in the Solar Energy Corporation of India’s (SECI) tender for 1,200 MW of wind-solar hybrid units. The two companies had offered 1,050 MW capacity in total. Due to several issues surfacing in the first tender of its kind, the last date for bid submission had been postponed six times.
The tender saw such a low response due to the low ceiling tariff for the tender. Initially, the ceiling tariff was fixed at INR 2.90/unit but was later reduced to INR 2.60/unit post directions from Ministry of New and Renewable Energy (MNRE). Currently, the market derived tariff for solar found in India is `2.42/unit and for wind energy, the lowest price discovered is Rs 2.43/unit.
The hybrid policy was launched in May,  with an objective to provide a framework for promoting large grid-connected wind and solar PV hybrid system for efficient utilization of transmission infrastructure and land. Along with this, it aims to help reduce the inconsistency in the renewable power generation and in turn achieve better grid stability.