Oil and Natural Gas Corp (ONGC) is looking to hold auctions to select developers for building its planned 1.2 GW greenfield renewable energy projects, a senior company executive said.
India's largest oil and gas producer aims to hold two rounds of auctions, offering 600 MW in each, with the first round planned in two months.
ONGC intends to use both greenfield developments and acquisitions to build a green energy portfolio of 10 GW by 2030, the executive said. "We are evaluating various models for greenfield projects, including offering end-to-end project development responsibility to a third party," said the executive.
ONGC's first tender for 600 MW will require bidders to offer a price for developing the full plant. The minimum bid size will be 300 MW. A bidder will be expected to arrange land and grid connectivity and undertake engineering procurement and construction (EPC) for the project, the executive said.
The bid winner will have to hand over a ready-to-operate plant to ONGC in an agreed-upon timeframe. Finding customers for power purchase agreements (PPA) for the projects will be ONGC's responsibility. The second tender, for an equal capacity, will require bidders to arrange only land and grid connectivity for the projects.
