Rajasthan Renewable Energy Corporation Limited (RRECL), the state nodal agency responsible for promoting and implementing renewable energy programmes in Rajasthan, has invited bids to appoint a SEBI-registered credit rating agency for carrying out an independent Issuer Credit Rating. The initiative is aimed at strengthening the corporation’s financial profile, enhancing its institutional credibility, and improving its ability to access a wider range of funding sources for future renewable energy and clean energy projects.

The tender has been issued through Request for Proposal (RFP) Reference No. NIT/2026-27/04. RRECL plans to select the agency through the Least Cost (L1) method, under which the bidder quoting the lowest total fee will be awarded the contract. The selected credit rating agency will be required to complete the entire credit assessment and submit its rating within 30 days from the date of engagement.

The RFP is open to several leading SEBI-registered credit rating agencies operating in India. Eligible agencies include CRISIL Ratings, ICRA Limited, India Ratings and Research, Brickwork Ratings, Infomerics Valuation and Rating, Acuite Ratings & Research, CredStone Ratings, ACER Credit Rating, and CARE Ratings. Through this exercise, RRECL seeks an independent assessment of its financial strength, which is expected to improve investor confidence and support future borrowing and financing requirements for renewable energy initiatives across the state.

According to the tender schedule, the RFP was issued on July 30, 2026, while bid submission commenced on July 31, 2026. Interested agencies must submit their proposals by August 10, 2026, before 2:30 PM (IST). The bids will be opened on the same day at 3:30 PM (IST). Submitted proposals will remain valid for a period of 90 days from the bid due date.

The bidding document specifies a tender fee of ₹1,180, which includes a base fee of ₹1,000 along with 18% GST. The amount must be submitted physically through a Demand Draft in favour of the Chairman and Managing Director, Rajasthan Renewable Energy Corporation Limited, payable at Jaipur. The RFP does not prescribe any Earnest Money Deposit (EMD) requirement for participating bidders.

The successful agency will, however, be required to furnish a Performance Security equivalent to 5% of the total work order value. This can be submitted in the form of a Demand Draft, Banker’s Cheque, or Bank Guarantee in favour of the Chairman and Managing Director, RRECL.

The payment structure has also been clearly defined in the tender. RRECL will release 40% of the contract value after the agency submits the provisional credit rating, while the remaining 60% will be paid upon submission of the final issuer credit rating report. Interested agencies must submit sealed hard-copy price proposals at RRECL’s office located at Akshay Urja Bhawan, C-Scheme, Jaipur. The procurement process will be governed by the provisions of the Rajasthan Transparency in Public Procurement (RTPP) Act, 2012, and the Rajasthan Transparency in Public Procurement Rules, 2013.