West Bengal invites bids for 900 MW Pumped Storage Projects

01 Aug 2023 CW Team

Interested bidders must submit their proposals by August 28, 2023, along with a bid security of Rs 500 million ($6.1 million). The selected bidders will be required to pay an upfront premium of Rs 250,000 ($3,051) per MW within thirty days of receiving the letter of award. Additionally, they must provide a performance security of Rs 500 million ($6.1 million).

To be eligible, bidders should have prior experience in financing and operating projects for a public sector entity. They must hold a minimum of 26 per cent equity in the company owning the eligible project for the entire year during which experience is claimed. The project's capital cost should exceed Rs 4.5 billion ($54.9 million), and the bidder should have paid for the project's development (excluding land cost) and generated revenues from users or electricity sales over the last five financial years.

Payments received or made in the last five financial years will be considered for calculating the experience score, with payments below Rs 1 billion ($12.2 million) not being included. The bidder's net worth as of the last financial year should be at least Rs 11.25 billion ($137.3 million).

In the case of a consortium, members with at least 26 per cent equity share in the special purpose vehicle must collectively meet the technical capacity and net worth eligibility criteria. Each member should maintain a minimum equity share of 26 per cent of the subscribed and paid-up equity and 5 per cent of the total project cost for two years from the project's commercial operation. The financial capacity of the bidder will be assessed based on their standalone financial statements or those of consortium members and associates.

Bidders are required to either entrust their operation and maintenance responsibilities to an entity with relevant experience or handle the O&M through qualified and experienced staff. The Ministry of Power has proposed to support pumped hydro storage projects with concessional climate finance, utilising sovereign green bonds for mobilising resources for green infrastructure development, which involves renewable energy charging.

Furthermore, the ministry has issued an order waiving inter-state transmission system charges for electricity evacuation from new hydropower projects in the country.

The West Bengal Power Department has issued an invitation for bids to develop and commission 900 MW pumped storage projects at the Bandu reservoir in Purulia, West Bengal. The project will be divided into four capacities of 225 MW each, with an estimated total cost of Rs 47 billion ($573.6 million).Interested bidders must submit their proposals by August 28, 2023, along with a bid security of Rs 500 million ($6.1 million). The selected bidders will be required to pay an upfront premium of Rs 250,000 ($3,051) per MW within thirty days of receiving the letter of award. Additionally, they must provide a performance security of Rs 500 million ($6.1 million).To be eligible, bidders should have prior experience in financing and operating projects for a public sector entity. They must hold a minimum of 26 per cent equity in the company owning the eligible project for the entire year during which experience is claimed. The project's capital cost should exceed Rs 4.5 billion ($54.9 million), and the bidder should have paid for the project's development (excluding land cost) and generated revenues from users or electricity sales over the last five financial years.Payments received or made in the last five financial years will be considered for calculating the experience score, with payments below Rs 1 billion ($12.2 million) not being included. The bidder's net worth as of the last financial year should be at least Rs 11.25 billion ($137.3 million).In the case of a consortium, members with at least 26 per cent equity share in the special purpose vehicle must collectively meet the technical capacity and net worth eligibility criteria. Each member should maintain a minimum equity share of 26 per cent of the subscribed and paid-up equity and 5 per cent of the total project cost for two years from the project's commercial operation. The financial capacity of the bidder will be assessed based on their standalone financial statements or those of consortium members and associates.Bidders are required to either entrust their operation and maintenance responsibilities to an entity with relevant experience or handle the O&M through qualified and experienced staff. The Ministry of Power has proposed to support pumped hydro storage projects with concessional climate finance, utilising sovereign green bonds for mobilising resources for green infrastructure development, which involves renewable energy charging.Furthermore, the ministry has issued an order waiving inter-state transmission system charges for electricity evacuation from new hydropower projects in the country.

Resources

04 Jun 2026

ULCCS Showcases Cooperative Model at UN Symposium

Uralungal Labour Contract Co-operative Society (ULCCS) showcased its community-led development model at the United Nations Headquarters in New York, where it participated as a panellist at the International Symposium on Cooperative Financial Institutions held on 28–29 May 2026.Jointly organised by the United Nations Department of Economic and Social Affairs (UN DESA), the International Cooperative Banking Association (ICBA), and the International Cooperative Alliance (ICA), the symposium was held under the theme ‘Fuelling Inclusive and Equitable Growth’ and brought together policymakers,..

Infrastructure Transport

04 Jun 2026

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Real Estate

04 Jun 2026

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..