SECI Invites Bids for the Supply of 1,260 MW of Renewable Power

Solar Energy Corporation of India (SECI) has invited bids from developers for the supply of 1,260 MW of power from interstate transmission system (ISTS)-connected renewable power projects, including energy storage systems (ESS) across India.

The last date to submit the bids is November 10, 2023. Bids will be opened on November 15.

Out of the total tendered capacity, 1,250 MW procured by SECI will be sold to BSES Rajdhani Power (BRPL) and BSES Yamuna Power (BYPL), Delhi, and the remaining 10 MW will be sold to GIFT Power Company (GIFT PCL), Gujarat.

Bidders must submit ₹4.4 million (~$52,995) as an earnest money deposit.

The successful bidder must furnish a performance bank guarantee based on the following formula:

Performance Bank Guarantee = [₹2.32 million (~$27,943) x Rated Installed Capacity of Solar component (MW) + ₹3.16 million (~$38,061) x Rated Installed capacity of Wind component and other renewable energy generating sources (MW) + ₹3.66 million (~$44,083) x ESS Capacity (MW)].

The scheduled commencement of the power supply will be 24 months from the power purchase agreement (PPA).

The PPAs will be signed within 60 days from the issue of the letter of award and will be valid for 25 years.

Bidders can quote a minimum cumulative capacity of 50 MW and a maximum quantity of 630 MW.

The renewable energy projects must be designed for interconnection with the ISTS substation at a 220 kV or above voltage level.

The ESS should mandatorily constitute part of the project. The ESS charged using a source other than renewable power would not qualify as renewable power.

The ESS may be owned by the renewable power developer or may be tied up separately with a third party by the renewable developer for the supply of power.

The developer can change the ESS technology anytime during the PPA term. Any change in the ESS component during the term of the PPA may be at risk and cost to the renewable power developer.

The renewable power developer should comply with the Central Electricity Regulatory Commission (CERC) or the State Electricity Regulatory Commission (SERC) regulations on forecasting, scheduling, and deviation settlement, as applicable, and are responsible for all liabilities related to connectivity.

To be eligible, the net worth of bidders should be equal to or greater than the amount calculated as per the following formula:

Minimum Net-Worth requirement = [₹9.28 million (~$111,772) x Rated Installed Capacity of Solar Component (MW) + ₹12.64 million (~$152,241) x Rated Installed Capacity of Wind Power component and other RE sources (MW)) + ₹14.64 million (~$176,330) x Rated Installed Capacity of ESS component (MW)].

The minimum annual turnover of bidders should be at least at least ₹12.69 million (~$152,843)/MW of the quoted capacity during the last financial year.

Bidders should have internal resource generation capability in the form of profit before depreciation, interest, and taxes for a minimum amount of ₹2.54 million (~$30,593)/MW of the quoted capacity as of the last date of the previous financial year.

They should also have an in-principle approval letter from the lending institutions committing a Line of Credit for a minimum amount of ₹3.17 million (~$38,181)/MW of the quoted capacity towards meeting the working capital requirement of the project.

Last month, SECI invited bids to select renewable energy developers to supply 800 MW firm and dispatchable power from ISTS-connected renewable energy projects, including energy storage systems, under tariff-based competitive bidding.

Earlier, SECI had invited bids for selecting renewable energy developers for the supply of 1.5 GW firm and dispatchable power from ISTS-connected renewable energy projects under tariff-based competitive bidding.

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