PFC Consulting seeks bids for 1.25 gw solar projects

01 Sep 2023

PFC Consulting, which is a wholly-owned subsidiary of Power Finance Corporation (PFC), has announced an invitation for bids regarding the commissioning of 1,250 MW interstate transmission system (ISTS)-connected solar projects. This invitation is part of a program aimed at providing flexibility in the generation and scheduling of thermal-hydro power stations by combining them with renewable energy and storage.

It was stated that the deadline for submitting these bids is October 12, 2023, and the bids will be opened on the same day.

Bidders were informed that they are required to submit an earnest money deposit of Rs 464,000 ($5,579) per MW of the capacity they quote.

Additionally, the selected developers were notified that they must provide a performance bank guarantee of Rs 2.32 million per MW within seven working days before finalizing the power purchase agreement (PPA). They were also informed that they need to pay Rs 100,000 per MW per project as a success charge.

The successful bidder was informed that they would be obliged to enter into a 25-year PPA with NTPC. Bidders were instructed that they must submit a single bid, offering a minimum quantity of 300 MW and a maximum of 1,250 MW. The capacity they quote must be in multiples of 50 MW only. Furthermore, it was required that the bidders' net worth must be equal to or greater than Rs 9.28 million per MW of the quoted capacity, as per the last financial year's figures.

Bidders were also mandated to have a minimum annual turnover of Rs 4.92 million per MW of the quoted capacity, based on the last date of the preceding financial year. They were allowed to demonstrate their internal resource generation capability in the form of profit before depreciation, interest, and taxes for a minimum of Rs 984,000 per MW of the quoted capacity, according to the last financial year's figures.

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