GRIDCO Invites Bids for 225 MW Floating Solar Project at Upper Indravati Reservoir, Odisha

GRIDCO Ltd. has issued a request for proposal (RFP) for the development of a 225 MWAC floating solar photovoltaic project at the Upper Indravati Solar Park, located on the Upper Indravati Reservoir in Odisha.

The bid aims to attract developers for large-scale floating solar deployment to scale up renewable energy capacity and optimise the use of reservoir-based solar resources.

Under the tender conditions, bidders are required to furnish an Earnest Money Deposit (EMD) linked to the capacity sought. For one unit of 75 MW, the EMD has been fixed at INR 8.53 crore, while bidders seeking two units aggregating 150 MW must submit INR 17.06 crore.

The EMD can be provided in the form of a bank guarantee, a payment on order instrument from IREDA, PFC or REC, or an insurance surety bond compliant with IRDAI norms.

GRIDCO has also spelt out multiple conditions under which the EMD may be forfeited, including withdrawal of the bid after the due date, submission of false or misleading information, engagement in corrupt or fraudulent practices, or failure of the selected bidder to accept the letter of award, sign the project agreements or submit the performance bank guarantee. EMDs of unsuccessful bidders will be returned within five working days of the issuance of the letter of award, while the successful bidder’s EMD will be refunded after submission of the performance security.

In addition to the EMD, the selected bidder must submit a Performance Bank Guarantee (PBG) prior to signing the power purchase agreement. The PBG requirement has been set at INR 21.32 crore for 75 MW and INR 42.64 crore for 150 MW. The performance security must be furnished within three days of acceptance of the letter of award and remain valid until 45 days after the commercial operation date (COD). GRIDCO has indicated that proportionate release of the PBG will be permitted in case of partial commissioning. The guarantee may be provided through a bank guarantee, payment on order instrument or an insurance surety bond, with all associated costs to be borne by the developer.

GRIDCO has allowed flexibility where projects are implemented through special purpose vehicles (SPVs). In such cases, the initial PBG may be submitted in the name of the selected bidder and later replaced by one issued in favour of the SPV before PPA signing, subject to board approvals.

Separately, the tender mandates payment of a project development fee of USD 166,666.66 per unit, payable to the International Finance Corporation (IFC) before execution of the project agreements. GRIDCO has explicitly stated that the fee must be paid in full without any tax deduction or withholding.

The bidding framework allows each bidder to submit only one bid, with a maximum allocation capped at two units, or 150 MW. Bids must be submitted by 27 April 2026, with late submissions to be rejected outright. Bid validity has been fixed at 180 days, extendable at GRIDCO’s discretion, subject to corresponding extension of the EMD.

On technical capability, bidders must demonstrate experience of developing or executing at least one renewable energy project of 50 MW or more within the last five years. GRIDCO has outlined a stringent liquidity framework as bidders must meet at least one of three liquidity parameters for the capacity sought. Under the turnover route, bidders seeking qualification for one 75 MW unit must demonstrate a minimum annual turnover of INR 42.64 crore, while those bidding for two units totalling 150 MW must show INR 85.29 crore, based on audited accounts for FY 2024–25 or CY 2025. 'Other income' will not be considered.

Alternatively, bidders may qualify through internal resource generation, with a minimum PBDIT of INR 9.59 crore for 75 MW and INR 19.19 crore for 150 MW, excluding exceptional income. As a third option, bidders can submit an in-principle bank sanction letter committing working capital lines of INR 12.15 crore for 75 MW or INR 24.31 crore for 150 MW, which may be issued in the name of the bidder or its affiliate.

For consortium bids, financial capacity may be met collectively, provided the lead member demonstrates at least 51 per cent of the required liquidity. GRIDCO has also specified strict rules for foreign currency conversion and mandated submission of audited accounts, warning that failure to meet financial criteria post-selection will lead to cancellation of the award and forfeiture of the EMD.

GRIDCO has also noted that at least two qualified bidders are required for the tender to proceed. If fewer bidders qualify, the utility reserves the right to cancel the process or invite fresh bids.