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ONGC is looking for joint venture partners to set up 6,000 MW of solar and wind energy projects. The state-run company has floated an expression of interest seeking strategic partnership to set up 3000 MW each of wind and solar projects.
The joint venture would invest R3,750 crore and targets to set up atleast 2,000 mw of the total planned capacity by 2020. Of this, 1,500 MW would be wind while 500 MW would be solar capacity.
"ONGC intends to undertake the proposed investment in wind and solar domains through a separate joint venture with a firm, having requiste credentials and expereince, as a strategic partner for expeditious roll out of the planned capacity. the company said in its EoI.
The JV would need to contribute 20% of the equity every year for next five years, While ONGC would infuse its share of required funds, the JV partner would be expected to bring commensurate investments and the organisation structure is envisaged to be that of a professionally managed company.
Currently, setting up of each megawatt of wind capacity costs R6 crore, while it is R7 crore per unit of solar plant.
"The exact nature of the joint venture such as shareholding and equity contributions among others, ability of the firm on its own or on the strenght of its parent company to contribute towards equity will be discussed during bilateral discussions with the shortlisted partners, ONGC added.
The PSU firm would prefer to have a single integrated firm as a partner having renewable energy portfolios in both wind and solar domain.
The companies coming forward to submit EoIs should have positive net worth in the past three years and should have an operation renewable portfolio of atleast 150 MW comprising wind and solar. If the bidder owns only wind or solar project, the minimum qualifying criteria would be 130 MW of wind project and 20 MW of solar capacity.
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