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JSW Neo Energy and Greenko Win PCKL Auction for 1000 MW Pumped Storage Project

JSW Neo Energy quoted INR 147.5 crore and won 300 MW whereas Greenko won 700 MW by quoting INR 147.6 crore, from an initial price of INR 148.8 crore for the e-reverse auction.

March 23, 2023. By Anurima Mondal

The Power Company of Karnataka (PCKL) has awarded the contract to JSW Neo Energy and Greenko KA 01 IREP to provide 1000 MW of energy for eight hours a day from pumped hydro storage projects with continuous discharge of five hours. The tender was floated earlier this month and the deadline to submit the bids was March 12.

JSW Neo Energy quoted INR 147.5 crore and won 300 MW whereas Greenko won 700 MW by quoting INR 147.6 crore, from an initial price of INR 148.8 crore for the e-reverse auction. The projects are to be commissioned within 36 months of the signing of the power purchase agreement (PPA) valid for 40 years. The cost of connecting projects to the nearest state transmission utility substation would be borne by the developers.

The auction required the minimum capacity for phase 1 of commissioning at one project site to be 50 percent of the allocated project capacity or 100 MW, whichever is lower. In the case of early part-commissioning, power would be purchased by PCKL at 75 percent of the annual fixed cost on a pro-rata basis.

Apparently, the project’s performance bank guarantee would be encashed proportionally to the balance capacity not commissioned in the case of delay in commissioning.

Earlier this year, the Ministry of Power issued draft guidelines to promote pumped storage projects (PSPs) in the country.

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