RECPDCL issues bid invitation for 200MW green projects procurement

14 May 2024 CW Team

REC Power Development and Consultancy (RECPDCL) has issued an invitation for bids to procure 200 MW of operational solar, wind, or wind-solar hybrid power projects, excluding storage. The deadline for bid submissions is May 27, 2024, with bid openings scheduled for the following day. The projects must have a remaining useful life of at least 15 years from the bid submission deadline. Each bidder can submit bids for up to two projects, with RECPDCL aiming to acquire 100% shareholding in each project. The power purchase agreement or power sale agreement must encompass the entire project capacity and involve either a central government agency, state power distribution companies (DISCOMs), or recognised renewable energy implementing agencies such as SECI, NTPC, NHPC, or SJVN. The project should have generated a turnover of $8.38 million in the last financial year and maintained continuous operation for the past 18 months, with a minimum machine availability of 95%. Additionally, the project should offer a single point of injection into the grid and have connectivity with DISCOM, state, or central substations. The parties responsible for operating and maintaining the project must continue to do so under the existing terms and conditions. Long-term debt instruments associated with the project must possess an external credit rating of BBB+ or higher from CARE, ICRA, India Ratings, or CRISIL. Three projects will be shortlisted based on the highest return on capital employed, and shortlisted parties must provide an earnest money deposit of $598/MW. Acquired projects are required to be fully guaranteed against manufacturing defects, poor workmanship, or inferior quality for 12 months from the acquisition date, with the successful bidder responsible for arranging repair or replacement at no cost during this period. Additionally, RECPDCL recently issued a tender for the establishment of 223 MW inter-state transmission system-connected solar power projects, and in December 2023, floated a tender for 250 MW ISTS-connected solar power projects, with an additional greenshoe option of 250 MW. (Source: Mercom)

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