PTC India has invited expressions of interest (EoI) from developers to procure 500 MW of hybrid renewable energy (wind and solar) (Tranche-I), with a greenshoe option for an additional 500 MW, on a long-term basis for 25 years.

PTC plans to procure renewable power to the tune of 5,000 MW in the next 2-3 years in tranches of 500 – 1,000 MW each.

The EoI has been floated to assess the market potential and procure power from interested hybrid renewable energy suppliers. At a later stage, based on the EoI response, PTC may also sign a bilateral power purchase agreement (PPA) with the most competitive source.

The last date to submit the bids is October 20, 2022.

To be eligible, bidders should have executed commercially operational renewable energy (solar/wind/hybrid) projects with a cumulative capacity of at least 250 MW within India or abroad.

The net worth of the bidders should be at least ₹2.5 billion (~$30.77 million).

The suppliers should supply power generated from the hybrid (wind-solar) renewable power project for the term specified in this EoI. The hybrid project should mean a project comprising at least two components – one solar and one wind power project.

The delivery point will be the nearest central transmission utility (CTU) interconnection point from the project.

The minimum capacity that a bidder can bid under this tender is 50 MW, and the expected capacity utilization factor has been set as 50%.

The late payment surcharge will be applicable at the rate of the marginal cost of funds based lending rate (MCLR) for one year of the State Bank of India, as applicable on the April 1 of the financial year, plus 5%, and in the absence of MCLR, any other arrangement that substitutes it.

PTC has stated that an adequate payment security will be provided to the supplier. The payment security will be in the form of a standby revolving ‘Letter of Credit’ with a value of an estimated two months of average monthly billing valid for the term of the PPA.

Last November, SJVN signed a pact with PTC India to develop products for supplying round-the-clock renewable energy. The two companies will jointly develop products for renewable power supply from SJVN’s projects bundled with available market capacity.

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