Daily News Wrap-Up: Punjab Floats 100 MW Solar Tender with Transmission

IndiGrid raises ₹6.7 billion through the institutional placement of shares

December 12, 2023


The Punjab State Power Corporation (PSPCL) invited bids to set up 100 MW solar projects and the associated transmission system in Bathinda. The last date to submit the bids is January 18, 2023. Bids will be opened on January 23. Bidders must submit ₹300,000 (~$3,597) as a bid processing fee and an earnest money deposit (EMD) of ₹100 million (~$1.2 million). Selected bidders must remit ₹250 million (~$3 million) as a performance bank guarantee. PSPCL will provide the land to set up the project on lease rent of ₹1 (~$0.012) per acre per annum.

Power sector Infrastructure Investment Trust (InvIT), IndiGrid, raised ₹6.7 billion  ($80.35 million) through the institutional placement of shares, bringing the total to ₹10.7 billion (~$128.32 million) in the financial year 2023-24. In September, the company had raised ₹4 billion ($47.96 million) via institutional placement of shares. In the first half of the fiscal year, IndiGrid acquired Virescent Renewable Energy Trust for ₹40 billion ($479.71 million). VRET is a renewable energy InvIT with 16 operational solar projects and a cumulative capacity of 538 MW.

Bihar Renewable Energy Development Agency invited bids to empanel bidders to connect non-functional off-grid solar power projects on government buildings to the grid. The empaneled vendors must also provide five years of comprehensive operation and maintenance and synchronize the system with the grid and net metering wherever required. The last day to submit the bids is December 21, 2023. Bids will be opened the next day. Bidders must submit an earnest money deposit of ₹1.5 million (~$17,991).

Eastern Railways has invited bids to implement 3 MW ground-mounted solar power projects, without battery backup, at various locations within the Kanchrapara railway workshop in the officer’s colony area in West Bengal. The last date for the submission of bids is January 4, 2023. Bids will be opened the same day. The scope of the work involves designing, drafting, supplying, installing, testing, commissioning, and connecting the solar power project to the grid. This includes all electrical components, associated equipment, and required civil works at the Kanchrapara workshop.

THDC India issued a request for proposals from consultants and expert agencies to create a feasibility report to set up floating solar power projects on reservoirs in the Godavari Marathwada region of Maharashtra. The last date for submission of bids is December 26, 2023. Bids will be opened on the same day. Bidders must submit an EMD of ₹123,000 (~$1,474.9). For bidders registered as micro and small enterprises in India, the EMD will not be applicable.

The Jaipur Division of North Western Railways has floated a tender to empanel agencies to implement 1 MW rooftop solar power projects on a design, build, finance, operate, and transfer basis. The last date for the submission of bids is December 29, 2023. Bids will be opened on the same day. The project aims to produce and distribute power through rooftop solar systems, where the selected project developer will be accountable for the design, engineering, procurement, construction, erection (including civil and structural works), installation, testing, and commissioning of the solar systems.

Public infrastructure finance company REC Limited signed a €200 million (~$215 million) loan agreement with German bank KfW. The loan will be used to undertake reforms in India’s distribution sector. Under the Indo-German Development Cooperation, this marks REC’s sixth line of credit. REC has set a target of achieving a green finance portfolio totaling ₹3 trillion (~$36 billion) by FY 2023. In addition to backing conventional renewable projects, the company has also financed technologies such as hybrid power, pumped storage, electric vehicles, solar modules, and wind turbine manufacturing.