1. Home
  2. Infrastructure Energy
  3. POWER & RENEWABLE ENERGY
  4. 1 GW of pumped storage projects in Karnataka won by JSW and Greenko
1 GW of pumped storage projects in Karnataka won by JSW and Greenko
POWER & RENEWABLE ENERGY

1 GW of pumped storage projects in Karnataka won by JSW and Greenko

23 Mar 2023 2 Min Read CW Team
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.

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.

Next Story
Infrastructure Urban
23 Dec 2024

CONCOR Launches Double-stack Service Between NCR and Varnama

State-run Container Corporation of India (CONCOR) has launched double-stack container train services between the National Capital Region (NCR) and Varnama near Baroda. This initiative aims to facilitate customers at Nhava Sheva near Mumbai, home to Jawaharlal Nehru Port (J N Port). On December 21, the first double-stack container train from Khatuwas and Dadri in NCR reached CONCOR’s Gati Shakti Multimodal Cargo Terminal (GCT) at Varnama, situated along the Western Dedicated Freight Corridor (WDFC). The train carried export cargo destined for J N Port, according to a statement from the state..

Read More
Next Story
Infrastructure Transport
23 Dec 2024

Less than 10% of Rs 40 Billion State-aid for Shipbuilding Utilised

A government-sanctioned financial assistance program worth Rs 40 billion, intended to support local shipbuilders over a decade starting in April 2016, has seen minimal utilisation, with only Rs 3.85 billion—less than 10 per cent of the total fund—disbursed thus far. With 15 months remaining before the scheme concludes, its uptake has been limited. The financial aid applies to shipbuilding contracts signed between April 1, 2016, and March 31, 2026. According to a written response provided by Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal to the Rajya Sabha on December ..

Read More
Next Story
Infrastructure Transport
23 Dec 2024

Civil Aviation Minister Opens New ATC Tower at Indore Airport

The Minister for Civil Aviation, Ram Mohan Naidu Kinjarapu, inaugurated the new Air Traffic Control (ATC) Tower-cum-technical block at Devi Ahilyabai Holkar International Airport in Indore, Madhya Pradesh. During the inauguration, the minister toured the facility, where ATC experts explained various technical aspects of tracking and coordinating flights from the newly constructed tower. In addition to the ATC tower, the airport has also introduced a zero-waste plant. The union minister confirmed that this initiative aligns with the government’s commitment to sustainability. Minister Ki..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

CONCOR Launches Double-stack Service Between NCR and Varnama
ECONOMY & POLICY
23 Dec 2024

CONCOR Launches Double-stack Service Between NCR and Varnama

Less than 10% of Rs 40 Billion State-aid for Shipbuilding Utilised
PORTS & SHIPPING
23 Dec 2024

Less than 10% of Rs 40 Billion State-aid for Shipbuilding Utilised

Civil Aviation Minister Opens New ATC Tower at Indore Airport
AVIATION & AIRPORTS
23 Dec 2024

Civil Aviation Minister Opens New ATC Tower at Indore Airport

Residents Unaware of the Nargis Dutt Nagar Redevelopment in Mumbai
Real Estate
23 Dec 2024

Residents Unaware of the Nargis Dutt Nagar Redevelopment in Mumbai

Allahabad HC Cancels ECIR and Two FIRs Against M3M India
ECONOMY & POLICY
23 Dec 2024

Allahabad HC Cancels ECIR and Two FIRs Against M3M India

CAG Audit Reveals Lapses in YEIDA's Policies
ECONOMY & POLICY
23 Dec 2024

CAG Audit Reveals Lapses in YEIDA's Policies

GST Authorities Issue Notices to Developers Over Rs 35 Billion Claims
ECONOMY & POLICY
23 Dec 2024

GST Authorities Issue Notices to Developers Over Rs 35 Billion Claims

GST Hike to Raise Home Prices by 10 per cent Says Credai Pune
Real Estate
23 Dec 2024

GST Hike to Raise Home Prices by 10 per cent Says Credai Pune

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000