The Power Company of Karnataka (PCKL) has awarded contracts to JSW Neo Energy (JSW Energy) and Greenko KA 01 IREP (Greenko) for the provision of 1 GW of electricity supply of 8 hours per day from pumped hydro storage projects that offer continuous 5-hour discharge. By the bucket-filling process, JSW Neo Energy won 300 MW by quoting Rs 14.75 million, while Greenko got 700 MW by quoting Rs 14.76 million. 960 MW was quoted by Greenko. The e-reverse auction's opening bid was set at Rs 14.88 million. Earlier this month, the tender was floated. The successful bidders and PCKL will sign power purchase agreements (PPAs) that are valid for 40 years. The PPA must be signed and the projects must be started within 36 months anywhere in Karnataka. The first phase of commissioning at each project site will require a minimum capacity of 100 MW or 50% of the total project capacity, whichever is lower. If part of the project is completed early, PCKL may purchase the electricity on a pro-rata basis at 75% of the annual fixed cost. The performance bank guarantee for the project will be cashed in proportion to the remaining capacity that isn't commissioned if commissioning is delayed. The cost of setting up connectivity to the closest state transmission utility substation is on the developer. The Ministry of Electricity suggested last month that pumped storage projects be funded with favourable climate money. These projects, which use renewable energy for charging, may be developed using sovereign green bonds issued to mobilise funding for green infrastructure. Draft regulations for pumped storage projects in the nation have been released by the ministry. The rules aim to make use of pumped storage projects' enormous potential for grid stabilisation and peak power demand filling.