SECI Invites Bids for 1,000 MW Pumped Storage Projects

The Solar Energy Corporation of India Ltd. (SECI) has issued a Request for Selection (RfS) to appoint developers for setting up 1,000 MW / 8,000 MWh pumped storage plants across India under Tranche-I (PSP-I).

The projects will be awarded through a tariff-based global competitive bidding process and are intended to provide on-demand power, supporting grid stability as renewable energy penetration increases. SECI will select Pumped Storage Plant Developers (PSPDs) under the Build-Own-Operate (BOO) model, with bidding to be conducted via an e-tendering process followed by an e-reverse auction for qualified bidders.

The RfS has been issued under a single-bid system. Interested bidders must purchase the RfS document at a cost of INR 50,000 plus applicable GST, payable through NEFT or RTGS. A bid processing fee of INR 20,000 per MW, capped at INR 20 lakh plus GST, will also be applicable based on the quoted capacity.

As per the tender conditions, bidders are required to submit an Earnest Money Deposit (EMD) of INR 11.10 lakh per MW in the form of a bank guarantee, payment on invocation, or surety bond. Selected developers will also be required to furnish a Performance Bank Guarantee (PBG) in accordance with provisions specified in the RfS.

SECI has laid down stringent technical eligibility criteria, allowing only commercially established and operational technologies to minimise execution risk and ensure timely commissioning. Bidders must demonstrate experience over the past five years in developing, constructing, or operating projects in sectors such as power, steel, oil and gas, petrochemicals, cement, fertilizer, coal mining, or other infrastructure segments. The cumulative project value must correspond to INR 5.55 crore per MW of the quoted capacity, with each referenced project valued at a minimum of INR 55.5 crore and operational for at least six months prior to bid submission.

The RfS further mandates the installation of GPS-enabled Automatic Weather Stations at project sites, with data availability to be ensured in line with requirements of the appropriate Load Dispatch Centre and the Indian Electricity Grid Code. Developers must also comply with prescribed performance benchmarks and cybersecurity regulations issued by central government authorities.

For bids submitted through joint ventures or consortia, SECI has specified that the lead partner must independently meet at least 50 per cent of the minimum technical eligibility criteria, while all members together must cumulatively meet 100 per cent of the requirements. Bidders have been permitted to rely on the technical credentials of their parent, holding, subsidiary, or affiliate entities, subject to conditions outlined in the RfS.

On the financial front, SECI has set a minimum net worth requirement of INR 1.11 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 example, a bidder quoting 250 MW would need to demonstrate a minimum net worth of INR 277.5 crore. In the case of SEBI-registered Alternative Investment Funds, Assets Under Management (AUM) may be considered, subject to statutory auditor certification.

The pre-bid meeting is scheduled for 12 January 2026, while the online bid submission deadline is 9 February 2026, followed by offline submission by 11 February 2026. Techno-commercial bids are slated to be opened on 12 February 2026, with details of the e-reverse auction to be communicated separately to eligible bidders.