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SECI Launches Competitive Bidding for 1,000 MW Pumped Storage Capacity Under PSP Tranche-I

The Solar Energy Corporation of India Ltd. (SECI) has issued a Request for Selection (RfS) to appoint developers for 1,000 MW / 8,000 MWh of pumped storage projects (PSPs) across India under Tranche-I (PSP-I). The initiative is aimed at strengthening long-duration energy storage and enhancing grid reliability amid rising renewable energy penetration.

Bidding Structure and Project Model

The projects will be awarded through a tariff-based global competitive bidding process. SECI will select Pumped Storage Plant Developers (PSPDs) under the Build-Own-Operate (BOO) framework. The selection process will be conducted via e-tendering, followed by an e-reverse auction for technically qualified bidders.

The RfS follows a single-bid system.

Fees and Financial Securities

• RfS document cost: Rs50,000 plus applicable GST

• Bid processing fee: Rs20,000 per MW, capped at Rs20 lakh plus GST

• Earnest Money Deposit (EMD): Rs11.10 lakh per MW, to be submitted as a bank guarantee, payment on invocation, or surety bond

Successful bidders will also be required to furnish a Performance Bank Guarantee (PBG) in line with the provisions specified in the RfS.

Technical Eligibility Requirements

SECI has prescribed stringent technical criteria, permitting only commercially proven and operational technologies to minimise execution risks and ensure timely commissioning.

Bidders must demonstrate experience over the past five years in the development, construction, or operation of projects in sectors such as:

• Power

• Steel

• Oil and gas

• Petrochemicals

• Cement

• Fertilizer

• Coal mining

• Other infrastructure segments

The cumulative project value must correspond to Rs5.55 crore per MW of the quoted capacity. Each referenced project should have a minimum value of Rs55.5 crore and must have been operational for at least six months prior to bid submission.

Operational and Compliance Conditions

The RfS mandates the installation of GPS-enabled Automatic Weather Stations (AWS) at project sites, with data made available in accordance with the requirements of the relevant Load Dispatch Centre and the Indian Electricity Grid Code. Developers must also comply with performance standards and cybersecurity guidelines issued by central government authorities.

Consortium and JV Provisions

For bids submitted through joint ventures or consortia, SECI has specified that:

• The lead partner must independently meet at least 50% of the minimum technical eligibility criteria

• All consortium members collectively must meet 100% of the eligibility requirements

Bidders are permitted to rely on the technical credentials of their parent, holding, subsidiary, or affiliate entities, subject to conditions outlined in the RfS.

Financial Eligibility

SECI has set a minimum net worth requirement of Rs1.11 crore per MW of quoted capacity, to be demonstrated as of FY 2024–25 or at least seven days prior to the bid submission deadline.

For instance, a bidder quoting 250 MW must demonstrate a minimum net worth of Rs277.5 crore.

In the case of SEBI-registered Alternative Investment Funds (AIFs), Assets Under Management (AUM) may be considered, subject to certification by a statutory auditor.

Key Dates

• Pre-bid meeting: 12 January 2026

• Online bid submission deadline: 9 February 2026

• Offline submission deadline: 11 February 2026

• Techno-commercial bid opening: 12 February 2026

Details of the e-reverse auction will be communicated separately to eligible bidders.