India’s renewable sector is entering a decisive transition period. The closure of REMCL’s 1 gigawatt Round-the-Clock (RTC) tender, with Jindal, Ayana, Rays Power, Purva, and Acme emerging as winners, reflects a structural shift in how clean power will be contracted and delivered in the coming years. The tender’s conditions, including block-wise 50 per cent availability and an annual guarantee of 85 percent, underline the growing expectation that renewables must move beyond intermittency and supply firm, dependable power.
On the other hand, the cancellation of nearly 42 gigawatts of stalled projects will create an opportunity for serious project developers. Industry voices agree that these cancellations will free up significant transmission capacity on the Inter-State Transmission System (ISTS). These capacities were tied up through Letter of Award (LoA)-based transmission allocations that occupied evacuation corridors, resulting in delays in project execution by many developers. The cancellation allows corridors to be reassigned to projects with clearer completion visibility, especially hybrid and RTC configurations that require reliable grid evacuation to function efficiently.
The composition of winners in the latest RTC tender offers further insight. Jindal enters with deep balance sheet strength and the ability to absorb storage-heavy capex. Ayana, now owned jointly by ONGC and NTPC, offers disciplined bidding and strong execution experience, backed by institutional capital. Rays Power adds speed and hybrid design capability, though it will need deeper partnerships to scale storage. Acme continues to innovate but must improve execution discipline. Purva represents the new class of emerging players aiming to move into higher-value segments of renewable development.
Three broader trends stand out. 1. Buyers are increasingly prioritising firm power supply profiles that resemble thermal availability rather than variable renewable output. 2. Multi-hour battery systems and pumped storage are transitioning into essential components of future projects. 3. And as availability norms tighten, tariffs for Flexible Dispatch Renewable Energy (FDRE) are stabilising in a range that buyers are willing to accept in exchange for a stable power supply.
Taken together, the rise of RTC contracting and the release of locked ISTS capacity point in the same direction. India is accelerating towards a new regime of building renewable assets that offers a clean baseload power profile, supported by storage, integrated portfolios, and grid access. This marks the beginning of a more mature phase of renewable growth, where quality, deliverability, and firmness define the sector’s future trajectory |
