Oil and Natural Gas Corporation (ONGC) has issued a tender for the development of captive ISTS-connected, co-located wind-solar hybrid power projects with a total capacity of 1,000 MW (500 MW solar and 500 MW wind) across India. The projects will require operation and maintenance (O&M) for ten years.

The deadline for bid submissions is October 23, 2024, with bids set to be opened the following day. Projects must be commissioned within 36 months of receiving the letter of award.

Bidders are required to provide a bank guarantee of Rs 80 million. The successful bidder must also submit a security deposit-cum-performance bank guarantee equivalent to 10% of the annualized contract value minus the O&M costs.

Additionally, a bank guarantee equal to 10% of the annual O&M charges for each year must be provided one month before the project's commissioning and prior to the start of any chargeable O&M services.

Bidders should ensure their submissions are comprehensive and fully comply with ONGC's terms, conditions, and bid evaluation criteria. Non-compliance may result in bid rejection, emphasizing the need for meticulousness in the bidding process.

In a related development, ONGC has announced its plan to acquire PTC Energy (PEL), a subsidiary of PTC India, in a transaction valued at Rs 9.25 billion. PEL has commissioned seven wind power projects in Andhra Pradesh, Karnataka, and Madhya Pradesh, totalling 288.8 MW.

ONGC is committed to expanding its renewable energy portfolio and plans to invest over Rs 1 trillion to achieve a 1 GW renewable energy capacity by 2030. (MERCOM)