REC Power Development and Consultancy, a subsidiary of the Indian energy company REC, has invited bids to develop 1.75 GW of inter-state transmission system- (ISTS-) connected solar PV power projects across India, based on a build-own-operate (BOO) model. The company has simultaneously launched two separate bid rounds, one for 1.25 GW of solar projects and another for 500 MW.
For the 1.25 GW round, bids can be submitted until 26 December 2022 and bidders must submit INR1.5bn (US$18,400) as a processing fee for each project above 300 MW (which is the minimum project capacity). The successful bidders will enter a 25-year power purchase agreement (PPA) with India’s NTPC.
For the 500 MW round, bids can be submitted until 23 December 2022 and bidders must submit INR500,000 (US$6,150) as a processing fee for each project in the 50 MW to 99 MW range, and INR1.5bn (US$18,400) for each project above 100 MW. The successful bidders will enter a 25-year PPA with the Damodar Valley Corporation.
For both rounds, the projects must be commissioned within 18 months from the effective date of the PPA, and the participants must submit a INR400,000/MW (US$4,900/MW) per project as a deposit.
At the end of 2021, solar accounted for 11.5% of India’s installed capacity with over 49 GW. The country aims initiate the development of 175 GW of renewable capacity by the end of 2022, including 100 GW of solar.
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