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SJVN Launches RfS to Select Developers for 2,000 MW Pumped Storage Capacity

SJVN issues RfS to select developers for 2,000 MW pumped storage projects with eight-hour discharge under tariff-based competitive bidding.

December 11, 2025. By EI News Network

SJVN has issued a Request for Selection (RfS) inviting developers to set up 2,000 MW of pumped storage energy capacity in India. The projects will operate with an 8-hour discharge, including a maximum of 5 hours continuous discharge, under a tariff-based competitive bidding framework.

The Request for Selection (RfS), issued on December 10, outlines comprehensive technical, financial, and compliance requirements for prospective developers. Projects are required to provide eight hours of energy storage with a maximum continuous discharge of five hours under a Build-Own-Operate (BOO) model.

The tender follows a single-stage, two-envelope e-bidding process. Applicants must download the RfS from the 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 fixed 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 is scheduled for December 22 at SJVN’s Delhi office, with online participation available. E-submissions must be completed by January 27, followed by physical submission on January 30, when technical bids will be opened. The schedule for price bids and the e-reverse auction will be communicated to technically qualified bidders.

Participation is limited to commercially established and operational technologies to minimise commissioning risk. Bidders can indicate their preferred technology upfront but must confirm it at Financial Closure. Developers may select equipment ratings, turbine-generator configurations, and project layouts based on site hydrology, operating levels, and reservoir characteristics.

Bidders must demonstrate experience in executing infrastructure projects with cumulative capital expenditure over the past five years equivalent to at least INR 5.55 crore per MW of the quoted capacity, with each project involving a minimum investment of INR 83 crore. Credentials must be supported by statutory auditor certificates and commissioning/completion records. Consortiums may rely on affiliate experience, provided documentation is submitted.

Additionally, projects must possess key statutory clearances as of bid submission, including water allocation approval or a valid state government sanction (MoU or LoA), and Terms of Reference approval for Environmental Clearance. These documents must accompany the technical bid.

Bidders are required to meet a minimum net worth of INR 1.110 crore per MW of quoted capacity, based on FY25 audited financials or statements no older than seven days from bid submission. Where audited accounts are unavailable, a chartered accountant’s certificate is acceptable. SEBI-registered AIFs may qualify based on cumulative Assets Under Management.

Affiliate financial strength may be used to meet net worth thresholds, supported by board resolutions or equivalent undertakings. In consortium bids, net worth will be assessed according to equity commitments. Applicants must also satisfy at least one liquidity criterion: an average annual turnover of INR 1.665 crore per MW over the past three financial years; internal resource generation (PBDIT) of INR 33.30 lakh per MW in FY25; or an in-principle line of credit of INR 39.64 lakh per MW from a recognised lender.

Foreign bidders may submit audited home-country financials with certified translations, with currency conversions aligned to RBI reference rates. They must comply with applicable FDI norms upon selection.

Interested bidders may refer the document for more details.

Download the attached file

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SJVN pumped storage project

SJVN PSP

Pumped storage energy capacity in India

PSP India