The story states that Solar Energy Corporation of India (SECI) has issued an invitation for bids to select renewable energy developers for the supply of 500 MW of power from interstate transmission system (ISTS)-connected renewable energy projects with storage all over India. According to the tender, the renewable energy developer will be required to establish ISTS-connected renewable energy power projects, along with the dedicated transmission network up to the interconnection/delivery points, at their own expense in accordance with the terms of the power purchase agreement (PPA). Energy storage systems (ESS) will be included as part of the project. The deadline for bid submissions is August 31, 2023, and the bids will be opened on September 5. The bidders will need to submit a bid processing fee of Rs 1.5 million plus 18% GST. Additionally, they must provide an earnest money deposit based on the following formula: Earnest Money Deposit = [Rs 1.158 million multiplied by the Rated Cumulative Installed Capacity of Solar Component (MW) plus Rs 1.386 million multiplied by the Rated Cumulative Installed Capacity of Wind Component (MW) plus Rs 480,000 multiplied by the Rated Cumulative Installed Capacity of the ESS component (MWh)]. Furthermore, the bidders are required to submit a performance bank guarantee calculated using the following formula: Performance Bank Guarantee = [Rs 2.9 million multiplied by the Rated Installed Capacity of Solar Component (MW) plus Rs 3.47 million multiplied by the Rated Installed Capacity of Wind Component (MW) plus Rs 1.2 million multiplied by the ESS Capacity (MWh)]. SECI will enter into PPAs with the successful bidders within 60 days from the issuance of the letter of award. These PPAs will remain valid for 25 years. The power acquired by SECI from these projects is planned to be sold to Punjab State Power Corporation, which will act as the buyer under this tender. Also read: KEC bags new orders worth Rs 1,042 cr15km pod taxi corridor in Noida up for grabs