REMC invites bids for 695 MW RTC Power from renewable projects

REMC is seeking bids for the procurement of 695 MW of continuous, round-the-clock (RTC) power from grid-connected renewable energy projects. These projects, with or without storage, will operate in conjunction with the existing 500 MW Ircon Renewable Power (IRPL) and 195 MW Rewa Ultra Mega Solar (RUMSL) solar projects. The proposed RTC power supply will complement the existing power generated by the IRPL and RUMSL solar projects. The selected project developer will be responsible for supplying power during time blocks when the existing projects are not generating power, ensuring fulfillment of annual and time block availability requirements. Bidders are required to submit separate bids for the two tandem projects. The deadline for bid submissions is February 14, 2024, with bid openings scheduled for February 16. To participate, bidders must pay a bid processing fee of Rs 1 million (~$12,044) and provide an earnest money deposit of Rs 980,000 (~$11,803) per MW for each program. Successful bidders are obligated to submit a performance bank guarantee of Rs 2 million (~$24,089) per MW at least seven working days before signing the power purchase agreement (PPA). Additionally, a success charge of Rs 100,000 (~$1204) per MW is required. The minimum bid capacity is set at 100 MW for the IRPL project and 50 MW for the RUMSL project. The projects are expected to maintain an annual availability of 75% for the initial four years, increasing to 85% for the remaining contract years. Time-block-wise availability necessitates a minimum project availability of 50% throughout the contract tenure. Developers are responsible for acquiring the land for the projects, and commissioning should take place within 24 months of signing the PPA. The tariff is anticipated to be mutually agreed upon by all parties involved, with the tariff for each year levelized based on a discounting factor of 7.7%.