Tata Power to Invest 13,000 Cr. to Set up 2,800 MW Pumped Hydro Storage Capacity
Tata Power has signed a Memorandum of Understanding (MoU) with Maharashtra government for developing two Pumped Hydro Storage Projects (PSPs). These projects will be developed with an investment of about Rs. 13,000 crore, and will have a combined capacity of 2,800 MW.
This information was shared by Tata Power in its press release dated 8th August 2023.
Tata Power to set up 1,800 MW PSP at Pune & 1,000 MW PSP at Raigad
Tata Power will be developing a 1,800 MW Pumped Storage Project at Shirawata in the Pune district of Maharashtra, while another PSP of 1,000 MW capacity will be developed in Bhivpuri, Raigad. The company stated that the topography of the Western Ghats offers ideal terrain for the development of Pumped Hydro Storage projects.
Together, these projects are expected to generate employment opportunities for over 6,000 people.
PSPs to Support Existing Wind & Solar Power Generation Projects, Enhance Reliability of RE Supply
Energy output from renewable energy power plants depends heavily on environmental conditions such as availability of sunlight, wind speed, etc.
Speaking about the signed MoU, Dr. Praveer Sinha, CEO & MD of Tata Power, said, “Pumped Hydro Storage is a reliable and efficient way to store energy, and these projects will support the renewable solar and wind projects to ensure reliable, 24/7 consistent power supply”.
Current Scenario of Pumped Hydro Storage Projects in India
Pumped Hydro Storage Projects have been recently emerging as a popular technology for enhancing reliability of RE power sources. As per an article published by Mercom India on 9th June 2023, currently, India’s operational Pumped Hydro Storage Capacity stands at 4.7 GW from 8 Pumped Storage Projects.
As per a press release by CRISIL Ratings dated 31st May 2023, about 5 GW of Pumped Hydro Storage capacity is set to be commissioned in India in the next five financial years, out of which 2.8 GW is under construction.
While some companies such as Greenko are already in the process of developing such projects, state-owned players such as National Hydro Power Corporation (NHPC) have signed Memoranda of Understanding (MOUs) with several states. NHPC signed an MoU with Maharshtra government in June 2023 to develop 7,350 MW of Pumped Hydro Storage capacity in the state.
About Tata Power Company Ltd.: Mumbai-headquartered Tata Power has an installed generation capacity of 14,302 MW in its portfolio, out of which 5,442 MW comes from RE projects such as solar, wind, hybrid, hydro, and waste heat recovery projects. The company reported a turnover of Rs. 55,109.08 crore for FY-23.