PFC Consulting seeks bids for 1.25 gw solar projects

PFC Consulting, a wholly owned subsidiary of Power Finance Corporation (PFC), has announced a call for bids related to the commissioning of 1,250 MW interstate transmission system (ISTS)-connected solar projects. This invitation is part of a program aimed at providing flexibility in the generation and planning of thermal hydropower plants by combining them with renewable energy and storage.

It was stated that the deadline for submitting these bids is October 12, 2023 and that the bids will open on the same day.

Bidders were informed that they must submit a serious cash deposit of Rs 464,000 ($5,579) per MW of capacity they cite.

In addition, the selected developers were informed that they must provide a performance bank guarantee of Rs 2.32 million per MW within seven working days before the power purchase agreement (PPA) is finalised. They were also told to pay Rs 100,000 per MW per project as a success levy.

The successful bidder was informed that he would be required to enter into a 25-year PPA with NTPC. Bidders were instructed to submit one bid, with a minimum quantity of 300 MW and a maximum of 1,250 MW. The power they cite should only be in multiples of 50 MW. In addition, it was required that the capacity of the bidders should be equal to or greater than Rs 9.28 million per MW of the declared capacity, according to the figures for the last financial year.

Bidders were also mandated to have a minimum annual turnover of Rs 4.92 million per MW of declared capacity, based on the last date of the previous financial year. They were allowed to demonstrate their internal ability to generate funds in the form of profit before depreciation, interest and taxes for a minimum of Rs 984,000 per MW of quoted capacity, according to the figures for the past financial year.

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