As predicted by Headway Solar, Rajasthan has opened the bidding process for 100 MW of Solar Power Projects by bring out the RfS document on 15th December 2011.

Highlights of the RfS

  • As per clause no 9 and 11.3 of solar policy the Rajasthan Renewable Energy Corporation Limited (RREC), as the Nodal Agency and on behalf of Discoms of Rajasthan, will select solar power producer for setting up of 5/10 MW (AC) capacity Power Plants (total capacity 100 MW). Selection of these Solar Power Projects shall be through tariff based competitive bidding process.
  • The Bidder is free to choose any Solar PV power generation technology viz Crystalline Silicon Solar Cell Modules / Thin Film Modules /Concentrated PV Modules/ any Other Technology manufactured in India or Imported.
  • The RfS shall be issued to the Bidders on any working day from 15th Dec 2011 to 25th January 2012 between 10:00 hours (IST) to 17:00 hours (IST) by RREC.
  • Bid must be delivered to the address as given in Clause 2.0 on or before 15.00 hours (IST) on 30.1.2012.
  • The capacity of each Solar PV Project shall be 5 MW±5% AC or 10 MW ±5% AC. 5MW AC capacity means 5 MW AC output at Inverter.
  • Prospective bidders interested to participate in the bidding process are required to submit their RfS document along with a non-refundable processing fee @ Rs10,000.00 (Rupees Ten thousand ) per MW.
  • Companies incorporated under the Company’s Act, 1956 are eligible on standalone basis or as a part of the bidding consortium.
  • A foreign company can also participate on standalone basis or as a member of consortium at RfS stage. But before signing of PPA it has to form an Indian Company registered under the Company Act, 1956.
  • Companies shortlisted in RfS / RfP can also execute the project through a Special Purpose Vehicle (SPV).
  • The “Net Worth” of the Bidder should be equal to or greater than Rs 3 crore per MW or equivalent US$.

Net Worth = Paid up Share capital
(1. Which includes Paid up Equity share capital and
2. Fully, compulsorily and mandatorily convertible Preference Shares and
3. Fully, compulsorily and mandatorily convertible Debentures)
Add: Free Reserves
Subtract: Revaluation Reserves
Subtract: Intangible Assets
Subtract: Miscellaneous Expenditures to the extent not written off and carry forward losses.

  • For a newly incorporated Company / Consortium relying solely on its own credentials, where the annual account has not been prepared, the Net Worth criteria should be met as on day not more than seven days prior to the last date of submission of response to RfS by the bidding Companies / Consortium.
  • It is not necessary to have the Technology partner at RfS stage. Further it is also not necessary for the Technology partner to have an equity stake in the Bidding Company/Consortium.
  • Guarantee / Bond submitted by foreign companies must be submitted through Banks having branches in India as per list given at format 6.10 / correspondent Banks in India.
  • The RERC Tariff order for Solar Plants dated 25.5.2010 is applicable for the projects who have signed PPA by 31.3.2011 and to be commissioned by 31.3.2012.
Timeline
Milestone Last Date Bank Guarantees/DD/EMD Comments
Application filing in RREC Before submission of RREC Rs. 55175 per MW Registration letter to be obtained before RFS submission along with Land and Evacuation
RFS Release 15th December 2011 Zero date
Last date for RFS Submission along with documents 30th January 2012 Rs. 5000 as bid document fee + Rs. 10000per MW as non-refundable processing fee + Rs. 20 lakhs per MW as BG Zero Date + 45 days
Short listing for bidders eligible to bid 15th February 2012 - Zero date + 90 Days
Tariff discounting,  submission and Evaluation of proposals 15th March 2012 Bid bond as per the discount ( Expected to be around 2.0cr per MW of BG) Zero date + 150 days
Issue of LOI 1st April 2012 - Zero date + 165 days
PPA Signing 1st June 2012 30 lakhs per MW of BG Zero date + 195 days
Land allotment/land purchase & conversion – furnishing of documents 1st December 2012 - PPA Date + 180 days
Financial closure of the project 1st January 2012  - PPA Date + 210 days
i)Commissioning of 5 MW ± 5%

Solar Plant or

ii) Commissioning of 10 MW ±

5% Solar Plant

 1st June 2013

 

1st September 2013

  - 12 months from PPA

 

15 months from PPA

 

 

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