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The Solar Energy Corporation of India (SECI) has issued a Request for Selection (RfS) for the development of 500 MW ISTS-connected solar photovoltaic (PV) power projects under the SECI-ISTS-XIX initiative. This competitive bidding process aims to accelerate India’s renewable energy growth and achieve national clean energy targets. The RfS outlines critical financial requirements for bidders. The Earnest Money Deposit (EMD) is set at INR 9,42,000 per MW, which must be submitted as a Bank Guarantee valid for 12 months from the last date of bid submission?. Additionally, the successful bidder must furnish a Performance Bank Guarantee (PBG) of INR 23,55,000 per MW within 20 days of receiving the Letter of Award (LoA)?. The PBG must remain valid for 12 months beyond the Scheduled Commercial Operation Date (SCSD) of the project. The sale of tender documents will conclude on March 17, 2025. Interested bidders must submit their proposals by the bid submission deadline on March 19, 2025. The bids will be officially opened on March 20, 2025, marking the next stage in the selection process for project developers. According to the RfS, the Scheduled Commencement of Supply Date (SCSD) for the selected projects is June 30, 2025. Developers are expected to commission and commence power supply from the full project capacity by this date. If there is a delay, penalties will apply, including the encashment of the PBG on a per-day and pro-rata basis?. The maximum allowed delay is six months beyond the SCSD, after which the PPA for the uncommissioned portion will be terminated, and the corresponding PBG will be forfeited. SECI has provided multiple options for submitting financial guarantees, allowing bidders to submit Payment on Order Instruments (POI) from Power Finance Corporation (PFC) or REC Limited, or an Insurance Surety Bond as an alternative to cash deposits?. This flexibility aims to encourage wider participation and reduce financial constraints for solar project developers. The selected solar power projects will be developed under a long-term Power Purchase Agreement (PPA) with SECI. The corporation is responsible for procuring power from the winning bidders and supplying it to state utilities and other bulk consumers. The projects must adhere to India’s renewable energy policies, including grid connectivity regulations and environmental clearances. |
