PFC Consulting invites ISTS bids to evacuate 20 GW of renewables

Under Phase-Ill, Part H, PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation (PFC), has requested proposals for the development of an interstate transmission system (ISTS) to evacuate 20 GW of power from Rajasthan’s renewable energy zone. The transmission projects will be developed on a build, own, operate, and transfer basis. The objective of the bidding process is to find a bidder who will acquire 100 per cent of the equity shares of the special purpose vehicle (SPV) (which is in the process of being formed), as well as all of its connected assets and liabilities.

As per the tender guidelines, to be in the bidding process, a bidder must have developed infrastructure projects in the last five years with a total capital cost of not less than Rs 14.8 billion with each project’s capital expenditure not being less than Rs 2.96 billion. The bid submission deadline is May 5, 2022. Within 18 months of the effective date, the projects must be completed. Within ten days after receiving the letter of intent, the winning bidder must provide a contract performance guarantee in the sum of Rs 740 million.

In February 2022, Under Phase-Ill, Part-A1, PFC Consulting requested proposals to construct an ISTS to evacuate 20 GW of power from Rajasthan’s renewable energy zone. Similarly, in another tender, PFC Consulting also issued a request for proposals to create ISTS to evacuate 20 GW of electricity from Rajasthan’s renewable energy zone under Phase-Ill, Part-A3.