Param Renewable bags IOCL’s 5 MW solar project

Gujarat-based Param Renewable Energy, the operation and maintenance (O&M) arm of Gensol, has been awarded a contract by the Indian Oil Corporation (IOCL) for the O&M of a 5 MW solar power project located at IOCL’s Rawra facility in the Jodhpur district of Rajasthan for three years.Param Renewable quoted a figure of Rs 14.72 million for the O&M contract for three years. The tender was floated in March this year IOCL. The tender received technical bids from nine companies, of which only two qualified for financial evaluation, and the contract was awarded to Param Renewable Energy.Shri Sai Electrical was the other company that qualified for the financial round. Param Renewable will be responsible for all types of preventive, scheduled, and breakdown maintenance with the objective of maximizing electricity generation.The company must ensure a minimum performance ratio of 76%, subject to 99.6% grid availability. An initial security deposit of Rs 124,800 ($1,522) must be submitted by the company within 30 days from the issuance of the letter of acceptance.