PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation (PFC), has invited bids to commission 1,250 MW interstate transmission system (ISTS)-connected solar projects under the program for flexibility in generating and scheduling of thermal-hydro power stations through bundling with renewable energy and storage.

The last day to submit the bids is October 12, 2023. Bids will be opened on the same day.

Bidders must submit an earnest money deposit of ₹464,000 (~$5,579)/MW of quoted capacity.

Selected developers must furnish a performance bank guarantee of ₹2.32 million (~$27,899)/MW within seven working days before signing the power purchase agreement (PPA). They must also pay ₹100,000 (~$1,202)/ MW/ project as a success charge.

The successful bidder will have to enter into a 25-year PPA with NTPC.

Bidders must submit a single bid offering a minimum quantity of 300 MW and a maximum of 1,250 MW. The contracted capacity should be quoted in multiple of 50 MW only.

The net worth of the bidders must be equal to or greater than ₹9.28 million (~$111,598)/MW of the quoted capacity as of the last financial year.

Bidders must have a minimum annual turnover of ₹4.92 million (~$59,166)/MW of the quoted capacity as of the last date of the preceding financial year.

They can also show an internal resource generation capability in the form of profit before depreciation, interest and taxes for a minimum of ₹984,000 (~$11,833)/MW of the quoted capacity as of the last date financial year.

Alternatively, bidders can also show an in-principle approval letter from banks committing a line of credit for ₹1.23 million (~$14,799)/MW of the quoted capacity.

Developers must use modules included in the Approved List of Models and Manufacturers (ALMM) notified by the Ministry of New and Renewable Energy.

In May, 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.

Subscribe to Mercom’s India Solar Tender Tracker to stay on top of the real-time tender activity.