Tata Power to invest Rs 13,000 crore in Maharashtra to set up two hydro projects

Tata Power has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to develop two large Pumped Hydro Storage projects (PSP) with a combined capacity of 2800 Megawatts (MW) in the state.

With an investment of Rs 13,000 crore, The project will help the state achieve the goal of becoming a $1 Trillion economy by 2028 while concurrently generating employment for over 6,000 people.

The project will be situated in Shirawta, Pune (1800 MW) and Bhivpuri, Raigad (1000 MW) districts. 

“The signing of this MoU is a major step forward in the Tata Power’s journey towards clean and green energy future. 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. This is a historic moment for both Maharashtra and Tata Power, and we are proud to be a part of this initiative.” said Praveer Sinha, CEO & MD of Tata Power.

According to the company's statement, the project would leverage the kinetic energy of water to create a stable and reliable power supply. During times of excess energy, water will be pumped from lower reservoir to higher reservoir, and during peak demand, the stored water will power turbines, thereby generating electricity, the company said.

This will further enhance energy security by providing peaking and continuous power supply along with other renewables such as solar and wind. With the setting up of 2800 MW pumped hydro capacity, these projects will significantly contribute to cleaner capacity addition in the country, it said.

The MoU is part of Tata Power's initiative of clean energy adoption to achieve a greener future and brings grid stability, seamless integration of renewable sources, and a lasting impact on the energy landscape. 

Also Read:

• Ayurvedic babycare startup Babyorgano raises $150K from Devx Venture Fund