REMC is a collaboration of Indian Railways and RITES (Rail India Technical and Economic Service) on behalf of Indian Railways has invited bids to procure 750 MW of grid-connected renewable projects with or without storage across India for 25 years. The last day for submission of Bids is October 30, 2023. The Bids will be opened on November 2. Bidders must submit an Earnest Money Deposit of  USD 11,773/MW of the quoted capacity.

The bidder should also furnish a Performance bank guarantee for a value of USD 24,028/MW of the allotted capacity at least seven working days before PPA (Power Purchase Agreement). The bidders should also pay a success charge of USD 1201/MW with GST to REMCL. 

The minimum capacity of each bid is 100 MW. The project’s annual availability for the initial four years is 75% which increases to 85% for the remaining contract years. Time block-wise if there is a power supply shortfall, developers will be liable to pay 200% of the applicable tariff for the contract year.REMC has mandated the use of solar modules. Earlier last year REMCL invited bids to procure 1 GW of RTC power from grid-connected renewable power projects without storage across India for 25 years.

About REMC

REMC Limited is a joint venture (JV) company of the Ministry of Railways & RITES Limited with equity participation in the ratio of Indian Railways (49%) and RITES Limited (51%). The company has been formed to tap the business potential in the energy sector including green energy, power trading etc. The main objective of REMC is to explore the business opportunities for Green Energy in the field of wind-solar for Indian Railways.