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 five to 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 15 Dec, 2011 to 25 January, 2012, between 10:00 hours (IST) and 17:00 hours (IST) by RREC. The bids 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 five MW±5% AC or 10 MW ±5% AC. Five MW AC capacity means five 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 at Rs10,000.00 (Rupees ten thousand ) per MW. Companies incorporated under the Companys 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 Indiancompany 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 Rs3 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 which have signed a PPA by 31.3.2011 and to be commissioned by 31.3.2012.
