Evaluation and Comparison of Bids

- The Owner will evaluate and compare only the Bids determined to be substantially responsive in accordance with Clause 1.24.

- In evaluating the Bids, the Owner will determine for each Bid the Evaluated Bid Price by adjusting the Bid Price as follows:

- Making any correction for errors pursuant to Clause 1.25;

- Excluding Provisional Sums and the provision if any for Contingencies in the Price Schedules - Summary;

- Making an appropriate adjustment for any acceptable variations, deviations or alternative offers submitted in accordance with Clause 1.15.; and

- Converting the amount resulting from applying a) to c) above to a single currency in accordance with Clause 1.26

- The Owner reserves the right to accept or reject any variation, deviation or alternative offer. Variations, deviations, alternative offers and other factors which are in excess of the requirements of the Bid Documents or otherwise result in the accrual of unsolicited benefits to the Owner shall not be taken into account in bid evaluation.

- For comparison of Bids, Value Added Taxes (PPN) will not be considered.

- The estimated effect of the price adjustment provisions of the General Terms and Conditions, applied over the period of execution of the Contract, shall not be taken into account in Bid evaluation.

- If the Bid of the successful Bidder is seriously unbalanced in relation to the Owner’s estimate of the cost of work to be performed under the Contract, the Owner is entitled to reject the unbalanced Bid or may require the Bidder to produce detailed price analyses for any or all items of the Schedules of Prices, to demonstrate the internal consistency of those prices with the construction methods and schedule proposed. After evaluation of the price analyses, if in the opinion of the Owner it is judged that the Bid of the successful Bidder is substantially unbalanced, the Owner may require the successful Bidder to adjust such unbalance with no increase of the total amount of bid price or to increase the amount of the Performance Security set forth in Clause 1.32. to a level sufficient to protect the Owner against financial loss in the event of default of the successful Bidder under the Contract.

- Determination of the 2nd Evaluated Bid Price taking account of Domestic Preference

- Bidders who use the local products defined in Clause 1.8. of the General Technical Specifications are eligible for at maximum 15 % margin of preference in the comparison of their Bids with those Bidders who do not qualify for the preference.

- The following procedure will be used to apply the margin of preference.

- Calculation of Ratio of Local Products (RLP)

- Calculation of Margin of Preference (MP)

MP = (Highest Ratio of Local Products among all Bidders - RLP) ´15 %

- The 2nd Evaluated Bid Price taking account of Domestic Preference

= Total Amount of L/C plus F/C of EBP ´ (1 + MP)

L/C = Local Currency

F/C = Foreign Currency

EBP = Evaluated Bid Price

- Alternative offers, where solicited or permitted, will be evaluated separately, in accordance with the provisions of Clause 1.15., and shall be subject to the margin of preference in accordance with this Clause.

- Determination of the 3rd Evaluated Bid Price considering the Interest and Financial Costs.

The 3rd Evaluated Bid Price will be determined for each Bid by adding the interest and financial costs to the 2nd Evaluated Bid Price with Domestic Preference counted. The interest and financing costs will be estimated by applying the terms and condition of the Offer of Finance proposed by each Bidder to the following standardized disbursement schedule of the 2nd Evaluated Bid Price from the commencement of the Works under the Contract to the release of retention money at the end of the Guarantee Period;

Disbursement Schedule

Year Percent to the Bid Evaluated Price

1^st

2^nd

3^rd

4^th

5^th

6^th

- The Final Lowest Evaluated Bid Price will be determined based on the following:

- Levelized Discounted Cost per net kWh

- Total present worth of the 3rd Evaluated Bid Price, and

- The Owner’s Estimate.

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