REC Limited has invited bids to empanel project management agencies for renewable energy projects across India for two years.

The scope of work is divided into four phases: pre-disbursement, implementation, after commissioning, and post-commissioning. Bidders will be tasked with drafting the due diligence report, compliance chart of conditions, and disbursement certificate. They will also be responsible for preparing progress and utilization reports and project completion reports and conducting project engineering reviews.

The last day to submit the bids is June 13, 2022. Bids will be opened on the same day.

Bidders must submit an earnest money deposit of ₹500,000 (~$6,444). Successful bidders must furnish performance security equivalent to 3% of the total contract value.

The validity of empanelment is for two years initially, which can be extended for a year after assessing the performance of project management agencies. The rates quoted will be valid for the entire period, including the extended period.

Technical consultants participating in the bidding should have completed at least three assignments involving engineering services, feasibility studies, detailed project reports, and detailed design of renewable energy projects with a cumulative installed capacity of 250 MW in the conventional power sector or a minimum 50 MW in the renewable energy sector during the last three years. Bidders should have been in operation for at least three years and have an average financial turnover of ₹100 million (~$1.28 million) in the last three years ending March 31, 2021.

Finance consultants participating in the bidding should be chartered accountant firms registered with the Institute of Chartered Accountants of India. They should have completed at least three assignments as a concurrent auditor for a public service undertaking or lender’s financial advisor on behalf of a financial institution for the power sector or any other infrastructure projects during the last three years. They should have been in operation for at least three years and have an average financial turnover of ₹5 million (~$64,469) in the last three years ending March 31, 2021.

Insurance consultants should have a valid composite broker license or a direct broker license issued by the Insurance Regulatory and Development Authority of India. They should have completed at least three assignments as insurance advisors with a cumulative value of insured assets not less than ₹1 billion (~$12.89 million) in the energy generation sector during the last three years. The bidders should have been in operation for at least three years and have an average financial turnover of ₹2 million (~$25,787) in the last three years ending March 31, 2021.

Failure to deliver all or some of the deliverables on time will entail liquidated damage equal to 0.5% of the contract price per week or part thereof. The maximum liquidity charges deducted will be equivalent to 5% of the contract’s value.

REC Limited reported a total income of ₹392.30 billion (~$5.05 billion) for the financial year 2022, an 11% increase compared to ₹354.10 billion (~$4.56 billion) in the previous year.

In January this year, REC raised $1.175 billion (~₹91.43 billion) from a consortium of seven banks. It was the single largest syndicated loan raised in the international bank loan market by any Indian non-banking financial company.