Rajasthan awards 2.45 GW solar and storage tender
Rajasthan awarded a 2.45 GW solar-plus-BESS tender, including 1,000 MW projects for NLC India Renewable Energy and Coal India at tariffs near ₹3.53 per kWh. OI Charts data showed both listed companies under pressure before the report.
after close1 source ↓machine-written, see hownot a recommendation
- COALINDIA close
- ₹411.70
- On the day
- -1.32%
- Futures OI, long unwinding
- -0.7%
- Put-call ratio
- 0.45
- Max pain
- ₹415.00
Rajasthan awarded a 2.45 GW solar-plus-battery energy storage tender after the original procurement was split into two lots. Lot 1 covered 2,000 MW of solar capacity with 1,320 MW/5,280 MWh of BESS, while Lot 2 covered 450 MW of solar capacity with 280 MW/1,120 MWh of storage across two plots. The tender attracted more than 30 bidders, highlighting competition for large renewable-energy projects ⚡.
Key Points:
• NLC India Renewable Energy secured a 1,000 MW solar-plus-BESS project at Pugal Solar Park at a tariff of ₹3.53 per kWh.
• Coal India won a 1,000 MW solar-plus-BESS project at ₹3.54 per kWh. Rama Reflection India secured a 250 MW solar project paired with 660 MWh of BESS at ₹3.53 per kWh.
• Other participants included KPI Green, SAEL Industries, Engie, Ayana Renewables, Hinduja and Mahindra Susten. The report also cited Lot 1 awards for Coal India and Leo Energies at ₹3.42 per kWh each.
The awards expand the role of listed coal producers in renewable generation and storage, while the low tariff levels show the cost pressure in India’s utility-scale solar market. Battery capacity is increasingly important because it allows renewable power to be shifted beyond sunlight hours, supporting grid balancing and round-the-clock supply. The project mix therefore matters for both the energy-transition pipeline and the economics of future storage tenders 🔋.
For Coal India, OI Charts data as of 19 Oct 2026 showed the stock at ₹411.70, down 1.3% on the day, with volume of 3,094,405 shares. Futures open interest fell 0.7%, indicating long unwinding, while the futures traded at a 0.11% discount. Its near-term options positioning placed max pain at ₹415, with the largest put open interest at ₹415 and call open interest at ₹430 for the 27 Oct 2026 expiry. NLC India closed at ₹244.35, down 3.5%, and was down 9.1% over 20 sessions.
Investors will watch project award documentation, implementation timelines, storage procurement and the next renewable-tender results. Tariff sustainability, financing and execution will determine how the awards translate into operating capacity and earnings visibility for the listed participants.
Source: Construction World India, 21 Oct 2026
Not investment advice. For informational purposes only.