The Solar Energy Corporation of India Limited (SECI) has completed the bidding process for its Request for Selection (RfS) for setting up 1,500 MW/12,000 MWh pumped storage plants in India under tariff-based global competitive bidding (PSP-I). Following the techno-commercial bid opening, three companies qualified with a combined offered capacity of 1,680 MW. The qualified bidders included The Tata Power Company Limited with 660 MW, Torrent Energy Storage Solutions Private Limited with 300 MW, and Greenko Energies Private Limited with 720 MW.
After the financial bid opening, Greenko Energies Private Limited emerged as the lowest bidder with an annual fixed charge of ₹11,695,122 per MW per annum and an equivalent total storage cost of ₹14,385,000.0600 per MW per annum. Torrent Energy Storage Solutions Private Limited quoted an Annual Fixed Charge of ₹1,17,88,618 per MW per annum and an Equivalent Total Storage Cost of ₹1,45,00,000.1400 per MW per annum, while The Tata Power Company Limited quoted an Annual Fixed Charge of ₹1,19,57,307 per MW per annum and an Equivalent Total Storage Cost of ₹1,49,00,000.2527 per MW per annum.
Based on the provisions of Clause 43 of the RfS document, all three bidders were shortlisted for the e-Reverse Auction (e-RA). The total capacity shortlisted for the e-RA stood at 1,680 MW, while the capacity eligible for award under the tender was 1,344 MW.
The e-Reverse Auction was conducted on 9 July 2026, following which Letters of Award (LoAs) were issued to the successful bidders on 17 July 2026. Greenko Energies Private Limited secured the highest awarded capacity of 720 MW at a Total Storage Cost of ₹1,34,90,000 per MW per annum, corresponding to Equivalent Annual Fixed Charges of ₹1,09,67,479.6747967 per MW per annum.
Torrent Energy Storage Solutions Private Limited was awarded 300 MW at a total storage cost of ₹13,500,000 per MW per annum, with equivalent annual fixed charges of ₹10,975,609.7560976 per MW per annum. The Tata Power Company Limited was awarded 324 MW at a total storage cost of ₹13,510,000 per MW per annum, corresponding to equivalent annual fixed charges of ₹10,841,826.4986759 per MW per annum.
With the issuance of the Letters of Award, SECI has allocated the entire 1,344 MW capacity under the tender, completing the competitive bidding process for the 1,500 MW/12,000 MWh Pumped Storage Plants (PSP-I) programme.
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