Adani Electricity Mumbai (AEML) has invited bids to procure 1,500 MW (750 MW along with an additional 750 MW under the greenshoe option) of round-the-clock (RTC) power from grid-connected renewable energy projects complemented with firm power from any other source.

The projects will be developed on a build, own, and operate basis.

The last date to submit the bids is February 1, 2023. Bids will be opened on February 3.

Bidders will have to submit ₹300,000 (~$3,622) + 18% GST for each project as a document processing fee. They must also submit ₹500,000 (~$6,037)/MW per project as an earnest money deposit.

The successful bidder will have to furnish ₹1 million (~$12,074)/MW per project as a performance bank guarantee before the signing of the power purchase agreement (PPA).

AEML will enter into an agreement with the selected bidder for ten years.

The minimum bid capacity must be 250 MW. For each project, the minimum project capacity must be 50 MW and the maximum capacity must be 1,500 MW.

The developer will have to supply renewable power complemented with firm power from any other energy source, keeping at least 90% availability annually.

They must also maintain 90% availability every month for at least 11 months in a contract year and 90% availability annually during peak hours.

The developer can also combine energy storage systems (ESS) with renewable projects for the above-mentioned supply of power. The developer will be required to supply at least 51% of the annual energy from renewable sources, including ESS.

Only commercially established and operational technologies must be used to minimize the technology risk and to achieve the timely commissioning of the projects.

The wind turbine models for the project should be from the Revised List of Models and Manufacturers and the solar modules should be from the Approved List of Models and Manufacturers issued by the Ministry of New and Renewable Energy.

Projects that are already commissioned will not be considered under this tender. However, renewable energy projects under construction or projects which are not yet commissioned will be considered, only if these projects have not been already accepted under any other central or state programs.

The net worth of bidders should be at least ₹15 million (~$181,116)/MW of the quoted capacity as of the last day of the previous financial year.

Also, the minimum annual turnover of bidders should be at least ₹24.5 million (~$295,823)/MW of the quoted capacity during the last financial year.

Additionally, they should have an internal resource generation capability, in the form of profit before depreciation, interest, and taxes (PBDIT) for a minimum amount of ₹4.9 million (~$59,165)/MW of the quoted capacity as of the last date of the previous financial year.

Bidders should also have approval from the lending institutions committing a ‘Line of Credit’ for a minimum of ₹6.125 million (~$73,956)/MW of the quoted capacity, toward meeting the working capital requirement.

The project developer will be responsible for all the approvals, permits, and clearances required for setting up the project and the dedicated transmission network to the interconnection point, including those required from the state government and local bodies.

Recently, the Maharashtra Electricity Regulatory Commission allowed AEML to buy 250 MW of renewable energy on a round-the-clock basis from grid-connected projects through competitive bidding. The Commission directed Adani Electricity to invite bids for 250 MW + 250 MW under the greenshoe option.

The capacity was to be in addition to the 1,000 MW (500 MW + 500 MW under the greenshoe option) allowed in the order dated November 1, 2022.

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