PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation (PFC), has invited bids to develop an interstate transmission system (ISTS) to evacuate 1,500 MW of power from renewable energy projects in Maharashtra’s Solapur special economic zone.

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

The last date to submit the bid online is August 28, 2023. Bids will be opened on the same day.

Within ten days from the date of the issuance of the letter of intent, the selected bidder, on behalf of the transmission service provider, must furnish a contract performance guarantee of ₹150 million (~$1.83 million).

The project must be completed within 24 months of signing the transmission service agreement.

The objective of the bidding process is to select a successful bidder who will acquire 100% of the equity shares of the special purpose vehicle (SPV) along with all its related assets and liabilities as per the provisions of the share purchase agreement.

To be eligible, bidders should have experience developing projects in the infrastructure sector in the last five years with aggregate capital expenditure of not less than ₹5 billion (~$60.93 million). The capital expenditure of each project shall not be less than ₹1 billion (~$12.19 million).

Alternatively, the technically evaluated entity should have received aggregate payments of not less than ₹5 billion (~$60.93 million) from its clients for construction works fully completed during the last five financial years. The payment received from each project shall not be less than ₹1 billion (~$12.19 million).

The net worth of bidders should not be less than ₹2.5 billion (~$30.46 million) in any of the last three financial years.

Further, if a bidding consortium submits the technical bid, the financial requirement will be met individually and collectively by all the members of the bidding consortium.

The financial requirement to be met by each member of the bidding consortium will be computed in proportion to the equity commitment made by each for investment in the project.

Last month, PFC Consulting invited bids to develop an ISTS for the integration of renewable energy zone (Phase-II) in Koppal-II (Phase A&B) and Gadag-II (Phase A) in Karnataka.

Earlier, PFC Consulting had invited bids to develop an ISTS to evacuate 7 GW of power from the Khavda Renewable Energy Park under Phase-III, Part A.

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