SAEL, Waaree, MB Power and JLTM Win 500 MW Solar Auction by PSPCL

The Punjab State Power Corporation Ltd. (PSPCL) has awarded 500 MW of solar capacity under a competitive auction to four major developers: SAEL Industries, Waaree Forever Energies, MB Power (Madhya Pradesh), and JLTM Energy India.

SAEL Industries emerged as the largest winner, securing 250 MW at a tariff of INR 3.05 per kWh. JLTM Energy and Waaree Forever Energies won 50 MW and 100 MW respectively, both quoting INR 3.07 per kWh. MB Power (Madhya Pradesh), a subsidiary of Hindustan Power, secured 100 MW out of its 150 MW bid at the same tariff level.

The projects, to be developed anywhere in India, will operate under long-term 25-year power purchase agreements. PSPCL is aiming to meet its renewable purchase obligations and strengthen future clean energy supply.

Developers will be responsible for grid connectivity, transmission charges, and project execution risks, while also being eligible for fiscal incentives such as accelerated depreciation and tax benefits.

PSPCL has been actively expanding its clean energy portfolio, recently floating tenders for battery storage systems and smaller solar projects across Punjab.