Odisha Calls for Proposals to Sell 500 MW Solar Power, Including Greenshoe Option

Grid Corporation of Odisha (GRIDCO) has launched a competitive bidding initiative, including a greenshoe option, to auction 500 MW of solar power to intra-state off-takers. With a bid submission deadline of January 16, 2024, and bid opening scheduled for January 17, GRIDCO aims to secure a reserve of 500 MW solar power for the fiscal year 2025-26, aligning with its renewable energy procurement goals. GRIDCO stipulates that bidders must be capable of receiving power from the grid at the delivery point between April 1, 2025 and March 31, 2030.

The tender document, priced at ₹11,800 (including 18% GST), requires a ₹500,000/MW earnest money deposit from bidders. Winning bidders must provide a contract performance guarantee of ₹10 lakhs/MW and sign the power sale agreement within 30 days of receiving the letter of award. The tender specifies a capacity range of 10 MW to 250 MW, exclusively during solar hours.

GRIDCO commits to supplying a minimum of 20% of the contracted capacity’s energy in a financial year, providing customers with various exemptions, including cross-subsidy surcharge, electricity duty, state transmission utility charges, and a 25% exemption from wheeling charges.

The delivery point, situated at GRIDCO’s periphery, involves interconnecting the power injection point, either interstate or intrastate. Bidders must have a positive net worth and a minimum annual turnover of ₹3 crore/MW during the previous financial year.

The tariff remains fixed without escalation during the contract period. The winning bidder must arrange open access for power offtake beyond the delivery point, and GRIDCO may offer additional capacity under the greenshoe option, limited to 50% of the signed PSA, to willing buyers during the contract period.