Expression of Interest (EOI)
State Electric Company Ltd (STELCO)

H/IUL/2024/157                                                                                                     12^th August 2024

Introduction

State Electric Company Ltd (STELCO) is the state-owned utility company of the Maldives, responsible for generating, transmitting, and distributing electricity across the country. We operate in 35 islands, each with its own power network powered by diesel generator sets. As part of our commitment to enhancing the energy infrastructure of the Maldives, we invite expressions of interest (EOI) from qualified parties for the following projects:

Scope of Work

1. Installation of Solar PV Systems
   This includes various types of installations such as ground-mounted systems with structures, roof-mounted systems, shallow lagoon installations with structures, and offshore installations with floating structures. Interested parties may propose to either sell the generated power to STELCO under a Power Purchase Agreement (PPA) or finance and install the systems through a contractor finance model.
2. Battery Energy Storage Systems and Energy Management Systems
   To support the increasing penetration of renewable energy sources, we seek parties capable of supplying and installing advances battery energy storage systems (BESS) and energy management systems (EMS) that will stabilize our power networks and optimize energy use.
3. Construction of Powerhouses and Networks
   EOIs are invited for the construction and upgrade of powerhouses and associated power networks on the islands to enhance efficiency and capacity.
4. Extension of 132kV Grid Infrastructure Including Cabling and Construction of Substations
   This project involves the extension of the 132kV grid infrastructure, including the laying of cables and the construction of substations to meet the growing energy needs of STELCO Network.

Submission Guidelines

Interested parties are invited to submit an EOI for one or more of the above projects. Proposals can focus on any specific type of solar PV installation, battery energy storage system, or grid infrastructure, and may include either the PPA or contractor finance model for solar PV installations. EOIs should demonstrate the party’s technical, financial, and operational expertise.

Assessment Process

The following assessment process will be used to evaluate EOIs:

1. Pre-submission Concept Review:

Interested parties may submit a concept proposal for review. This optional step is recommended to align the proposal with STELCO’s objectives.

2. Stage 1:
• Initial Submission and Compliance Check:
• EOIs will be reviewed for compliance with submission requirements, ensuring all necessary documents and information are provided.
• Strategic Assessment of the Initial Submission:
• Initial EOIs will undergo a strategic assessment to evaluate their alignment with STELCO’s goals, technical feasibility, and overall potential impact.
3. Stage 2:
• Submission of detailed proposal
• Negotiation and final bidding offer
• Execution of the agreement

Submission Requirements

Interested parties must submit the following documents on or before 30^th December 2024 to:

Head of Procurement,
State Electric Company Limited,
Ameenee Magu, Male’, 20349
Republic of Maldives

Email: [email protected]

The submission should include:

• A cover letter expressing interest in the project.
• Company profile, including copies of Business Registration Certificate and Articles and Memorandum of Association of the proponent or equivalent legal documents (if the proponent is a company/association/organization).
• Relevant experience and past project details.
• Audited financial statements for the last three years, including the balance sheet, income statement, and cash flow statement.
• References from the bidder's primary bank(s) to verify their creditworthiness and financial stability.
• Any other supporting documents demonstrating the entity’s qualifications and capabilities.
• Proposed business model for the project, including key commercial terms.

The proponent shall be responsible for all costs associated with the EOI submission.

Note: Proposals may be awarded on a priority basis even before the deadline. STELCO reserves the right to further consider or not consider any EOI at its absolute discretion.

Contact Information

For further details or inquiries, please contact Tel: (960) 3320982