REC Invites Bids From Consultants For Renewable Energy Projects Across India

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Rural Electrification Corporation Limited (REC) is seeking proposals to appoint project management firms for renewable energy projects across India, for the next two years.

Bids must be submitted by June 13, 2022, which will be opened on the same day.

Bidders must provide a Rs 500,000 earnest money deposit. Winning bidders will have to provide performance security equal to 3% of the entire contract value.

The job is broken down into four stages: pre-disbursement, implementation, after commissioning, and post-commissioning. 

The compliance chart of conditions, due diligence report, and disbursement certificate shall be drafted by bidders. They will also be in charge of creating progress and utilization reports, as well as conducting project engineering reviews along with project completion reports.

The original validity of empanelment is two years, which can be extended for another year after evaluating the performance of the project management firms. The quoted rates will remain the same for the full duration, including the extended period.

Participating finance consultants in the bidding process must be chartered accountant companies registered with the Institute of Chartered Accountants of India. They must have been in business for at least three years and have a financial turnover of Rs 5 million in the three years ending March 21, 2021.

During the previous 3 years, they should have performed at least 3 assignments as a concurrent auditor for a public service initiative or lender’s financial adviser for the power sector or any other infrastructure projects on behalf of a financial organization. 

Technical consultants must have been in business for at least three years and have a financial turnover of Rs 100 million in the three years ending March 31, 2021.

During the prior 3 years, bidders partaking in the bidding must have completed at least 3 assignments involving feasibility studies, engineering services, detailed design, and detailed project reports of renewable energy projects with a cumulative installed capacity of 250 MW in the conventional power sector or a minimum of 50 MW in the renewable energy sector. 

Insurance consultants must hold a valid Insurance Regulatory and Development Authority of India composite broker license or direct broker license. Bidders must have been in business for at least 3 years and have a financial turnover of Rs 2 million in the 3 years ending March 31, 2021.

They must have completed at least 3 engagements as insurance consultants in the energy-generating industry with a combined value of covered assets of not less than Rs 1 billion in the recent 3 years. 

Failure to produce all or parts of the deliverables on time will result in liquidated penalties of 0.5% of the contract price every week up to 5% of the contract’s value.