Gujarat-based power company Torrent Power has invited bids for the purchase of 300 MW of power from wind-solar hybrid energy projects, with a greenshoe option of up to 150 MW.

The last date for the submission of bids is February 7, 2024. Bids will be opened on February 9.

Bidders have to submit ₹25,000 (~$300.76) + 18% GST as the cost of the document and ₹300,000 (~$3,609.06) + 18% GST as a non-refundable processing fee.

Bidders have to submit an earnest money deposit of ₹1 million (~$12,030.37)/MW of the quoted capacity.

The selected bidders must supply electricity from the hybrid power project situated anywhere in India as per the preliminary power purchase agreement (PPA).

Torrent Power intends to enter into a PPA with successful bidders for 25 years from the project’s scheduled commercial operation date (SCOD).

The highest tariff payable to the selected bidder from the SCOD will remain fixed for 25 years, as determined through e-bidding and e-reverse auction.

The chosen projects must incorporate a 2:1 ratio of wind to solar technologies (66.67% wind and the remaining in solar).

Projects in various stages, including those under construction, not yet commissioned, or already commissioned without a long-term PPA with any agency and selling power on a short-term or merchant plant basis, will be considered.

However, this consideration is contingent upon these projects not being accepted under any other central or state programs and having no obligations towards any buyers.

Bidders who express their willingness to enter into a PPA at the L1 rate must confirm their commitment within ten days from the conclusion of the reverse auction.

For projects linked to the inter-state transmission system, a single bidder must bid for a minimum project capacity of 50 MW, while for projects connected to the intra-state transmission system, the minimum capacity required is 10 MW.

The bidder or its affiliates must possess an operational renewable energy project with a minimum capacity of 600 MW.

The net worth of the bidders for the financial year ending March 31, 2023, should be at least ₹20 million (~$240,626.83)/MW of the quoted capacity.

To ensure the bidder’s financial capability for the project, the bidder’s annual turnover for the financial year ending March 31, 2023, should not be less than ₹7.5 million (~$90,230.83)/MW.

The internal resource generation of the bidder should not be less than ₹1.5 million (~$18,045.71)/MW of the quoted capacity.

In June last year, Torrent Power disclosed its plans to achieve a 5 GW renewable energy portfolio over the next three to five years through inorganic acquisitions and greenfield projects. It also announced that it had been allocated 6,000 hectares of land in Gujarat, where it plans to set up ~3 GW of renewable projects encompassing both solar and wind energy.

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