Tender for Legal Consultant for Development of Pump Storage P...

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Tender's Details

Expression of Interest are invited for Legal Consultant for Development of Pump Storage PPP Project in India. Publication Date: 04/1/2024 12:00 AM EDT EOI Deadline: 04/15/2024 11:59 PM EDT Description: India seeks to increase its per capita electricity consumption from 1, 255 kWh (less than half of world average) to support its fast-growing economy and provide universal access. It also seeks to reduce fossil fuel-based electricity generation from 74% to 50% by 2030 by increasing its renewable generation capacity from 179 GW to 500 GW. This is part of its ‘Panchamrit' pledge made at UN Climate Change Conference (COP26). To achieve these targets, regulations have been put in place that require utilities to purchase at least 43% of electricity from non-fossil sources by 2030, mainly solar and wind. High levels of intermittent solar and wind energy would make the grid unstable. This makes it essential to build energy storage capacity to provide flexibility in managing renewable energy generation - storing cheaper power during off peak hours and supplying during peak demand period. Energy storage requirement is estimated to be 74 GW or 411 GWh by 2032 (23 GW / 175 GWh of Pumped Storage and 51 GW/ 236 GWh of Battery). IFC recognizes that development of pumped hydro storage projects is a complex process and multiple technical, environmental, social, commercial and legal issues have to be addressed. IFC thus aims to undertake a thorough due diligence to develop a well- structured pumped hydro storage project through PPP mode. The project aims to reduce risks by managing power offtake, address issues around site allocation, and develop comprehensive contractual framework.