Rewa Ultra Mega Solar Limited (RUMSL), a SECI and Madhya Pradesh Vikas Nigam Limited (MPUVN) joint venture, has aired a request for proposal (RfP) on behalf of Madhya Pradesh Power Management Company (MPPMCL) for the development of 750 MW grid-connected wind-solar hybrid power projects in Madhya Pradesh.
The deadline for submitting bids is 1 June 2022, and the bids will be disclosed the next day. The selected bidder must enter into a 25-year power purchase agreement (PPA) with MPPMCL.
The selected bidder must provide a performance bank guarantee (PBG) in the amount of Rs 1.73 million per MW at least seven days before the PPA is signed.
The least capacity for which the bidder can bid is 15 MW, and the highest capacity is 750 MW. The hybrid power project’s solar and wind components might be positioned in the same or distinct sites.
The bid documents are priced at Rs 25,000. Bidders must additionally pay a bid processing fee of Rs 100,000 for projects ranging from 15 MW to 50 MW and Rs 200,000 for projects above 50 MW. Bidders must provide bid security in the amount of Rs 1.15 million/MW.
As winning charges, successful bidders must pay Rs 40,000/MW/allocated capacity. If the aforementioned amount is not deposited to RUMSL within the specified period, late payment penalties of 18% per annum will be charged on a per-day basis until the success charges are paid.
To take part in the bidding process, bidders must have a net worth of Rs 11.50 million/MW in the 3 most recent fiscal years ending March 31, 2021 or March 31, 2022. Bidders must also provide a net worth certificate as of March 31, 2021, or at least seven days before the bid deadline.
Additionally, bidders must have a minimum annual turnover of Rs 6.15 million per MW of stated capacity in the fiscal year ending March 31, 2021, or at least seven days before the proposal submission deadline.
The selected bidders must additionally pay a payment security fund of Rs 500,000/MW/allocated capacity within 3 months of the anticipated commercial operation day.
Bidders must be able to generate internal resources in the form of Profit Before Depreciation, Interest, and Taxes (PBDIT) for a minimum of 1.23 million/MW of quoted capacity in the fiscal year ending March 31, 2021.
Further, applicants must have an in-principle permission letter from financial institutions pledging a line of credit for a minimum of Rs 1.54 million/MW of stated capacity toward satisfying the working capital need of the project indicated in this RfP