Oil and Natural Gas Corporation (ONGC) has floated a tender to set up captive ISTS-connected, co-located wind-solar hybrid power projects with a capacity of 1,000 MW (500 MW solar + 500 MW wind) anywhere in India, with operation and maintenance (O&M) for ten years.

The last date to submit bids is October 23, 2024. Bids will be opened the next day.

The project must be commissioned within 36 months of the letter of award.

Bidders must provide a bank guarantee for ₹80 million (~$952,795).

The successful bidder must submit a security deposit-cum-performance bank guarantee equivalent to 10% of the annualized contract value minus the O&M costs.

A bank guarantee within one month before the project’s commissioning and before the start of any chargeable O&M services must also be submitted. The bank guarantee should equal 10% of the annual O&M charges for the respective year.

Bidders are advised to ensure that their submissions are comprehensive and fully adhere to the terms, conditions, and bid evaluation criteria outlined by ONGC. Failure to comply with these requirements could lead to the rejection of their offers, underscoring the importance of thoroughness and attention to detail in the bidding process.

Last year, ONGC announced it is set to acquire PTC Energy (PEL), a wholly-owned subsidiary of PTC India, at a transaction valued at ₹9.25 billion (~$111.18 million). Through PEL, its subsidiary formed in 2008, PTC has commissioned seven wind power projects spread across Andhra Pradesh, Karnataka, and Madhya Pradesh with a generation capacity of 288.8 MW.

ONGC has announced plans to invest over ₹1 trillion (~$12 billion) to increase and accelerate its renewable energy portfolio to 1 GW by 2030.

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