The Government of India has released a tender for solar projects with Energy Storage Systems (ESS) for a cumulative capacity of 600 MW, with a minimum capacity of 50 MW and a minimum ESS component of 25 MW/100 MWh. The tender also includes a “greenshoe” option for a bidder to increase their capacity up to 1200 MW, with a minimum ESS component of 600 MW/2400 MWh. The project must be designed for interconnection with the Indian Standard Transmission System (ISTS) in accordance with prevailing Central Electricity Regulatory Commission (CERC) regulations.
The bidder must source solar panels and modules from approved manufacturers and must have a minimum net worth of INR 94.20 lakh/MW for the solar component and INR 136.4 lakh/MW for the ESS component, as of FY 2023-24. Additionally, the bidder must have a minimum annual turnover of INR 47.10 lakh/MW for the solar component and INR 68.20 lakh/MW for the ESS component in FY 2023-24. The bidder must also demonstrate an internal resource generation capability, evidenced by a minimum profit before depreciation, interest, and taxes (PBDIT) of INR 9.42 lakh/MW for the solar component and INR 13.64 lakh/MW for the ESS component in FY 2023-24.
The bidder must also possess an in-principle sanction letter from a lending institution or bank for the project, committing a fund-based Line of Credit (LoC) with a minimum value of INR 11.77 lakh/MW for the solar component and INR 17.05 lakh/MW for the ESS component. The bids will be open on April 29, 2025.