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On behalf of Indian Railways, REMC Limited, a joint venture between Indian Railways and RITES, has issued an invitation for bids to purchase 1 GW of round-the-clock (RTC) electricity from grid-connected renewable power projects throughout India over a 25-year period.
The minimum bid capacity stipulated by the tender is 250 MW. The deadline for submitting online proposals is August 16, 2022. The day of the bid opening is August 18.
Any bidder from a nation that borders India on land may participate in this procurement provided they have registered with the appropriate authority.
The earnest money deposit required to be submitted by the bidders is equal to Rs 980,000/MW.
7 working days before the power purchase agreement (PPA) is signed, the winning bidder must provide the purchasing entity with a performance bank guarantee equal to Rs 2 million/MW.
For the first four years of the contract, the project’s yearly availability should be 75%; for the remaining contract years, it should be 85%.
Commissioned projects are excluded from consideration for this procurement. However, projects that are still in the planning stages or that have not yet been put into operation will be taken into account if they are not already covered by other federal or provincial programs.
If necessary, the developer may decide to incorporate an energy storage system (ESS) into the project or enter into a separate agreement with a third party. The energy stored in the storage system can also be included in the supply, provided it should be from renewable sources.
In the event of a power supply deficit, the developer will be liable for the shortfall energy, computed on an annual or time block basis, at a rate equal to 200% of the tariff for that contract year.
The bidder’s net worth must have been at least Rs 30 million/MW during the fiscal year just before the bid submission deadline, to participate in the bidding process. Further, the bidder’s minimum yearly turnover for the most recent fiscal year should be Rs 48 million/MW.
Additionally, the bidder must possess a letter of in-principle approval from the financing institutions pledging a Line of Credit for a minimum sum of Rs 12 million/MW toward satisfying the project’s working capital needs.
The land needed for the renewable energy project should be acquired by the developer.
The approved list of models and manufacturers (ALMM) published by the Ministry of New and Renewable Energy (MNRE) should be utilized to source the solar modules for the projects. Additionally, wind turbines from manufacturers on the Revised List of Models and Manufacturers (RMLL) shall be employed.