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SJVN Issues RfS to Select Developers for 2,000 MW Pumped Storage Projects

SJVN has released a Request for Selection (RfS) inviting developers to establish 2,000 MW of pumped storage capacity in India. The planned projects will feature an eight-hour discharge duration, including a maximum continuous discharge of five hours, and will be allotted through a tariff-based competitive bidding process.

Issued on December 10, the RfS document details the technical, financial, and compliance obligations for interested developers. The projects will follow a Build-Own-Operate (BOO) model, requiring bidders to deliver eight hours of storage capability with up to five hours of continuous output.

The tender process will follow a single-stage, two-envelope e-bidding system. The RfS can be downloaded from the designated portal, with the document priced at INR 29,500 and a bid processing fee of INR 15 lakh plus GST per project. The Earnest Money Deposit (EMD) is set at INR 11.10 lakh per MW, capped at INR 25 crore, and may be submitted via bank guarantee, insurance proof, or an insurance surety bond.

A pre-bid meeting will take place on December 22 at SJVN’s Delhi office, with virtual participation available. E-bid submissions are due by January 27, followed by physical submission on January 30, when technical bids will be opened. Dates for the financial bid opening and e-reverse auction will be shared with technically qualified bidders.

To reduce commissioning risks, only commercially established and operational technologies will be considered. Bidders may indicate their preferred technology initially but must finalise it at Financial Closure. Developers have flexibility in choosing equipment ratings, turbine–generator configurations, and project layouts based on hydrology, operating conditions, and reservoir profiles.

Applicants must demonstrate experience in implementing infrastructure projects with cumulative capital expenditure over the past five years of at least INR 5.55 crore per MW of the quoted capacity. Each referenced project must have involved a minimum spend of INR 83 crore. All credentials must be supported by statutory auditor certifications and documentation proving commissioning or completion. Consortium bidders may use affiliate experience with proper documentation.

Projects must also possess key statutory clearances at the time of bid submission, including water allocation approval or a state government sanction (MoU/LoA), and a Terms of Reference approval for Environmental Clearance. These must be included in the technical bid.

Financial eligibility requires bidders to have a minimum net worth of INR 1.110 crore per MW of quoted capacity, based on FY25 audited financials or statements dated within seven days of submission. When audited accounts are unavailable, a certificate from a chartered accountant is acceptable. SEBI-registered AIFs may qualify based on cumulative AUM.

Bidders may rely on affiliate financial strength by submitting supporting board resolutions or equivalent undertakings. In consortium cases, net worth will be evaluated in line with equity commitments. In addition, applicants must meet at least one liquidity requirement: an average annual turnover of INR 1.665 crore per MW over the last three financial years; internal resource generation (PBDIT) of INR 33.30 lakh per MW in FY25; or an in-principle credit line of INR 39.64 lakh per MW from a recognised lender.

Foreign entities may submit audited financial statements from their home country with certified translations and must follow RBI reference rates for currency conversions. They must also comply with applicable FDI regulations if selected.