Tata Power plans pumped storage projects for 13K cr

Companies
Companies

Summary

According to the arrangement, the Tata projects involve an investment of about 13,000 crore. Its initiatives include a 1800 MW plant in Pune’s Shirawata, and a 1,000 MW unit at Bhivpuri in Raigad district.

MUMBAI : Tata Power, the energy generation and distribution arm of the $300 billion Tata Group, has partnered with the Maharashtra government to establish two pumped hydro storage projects (PSPs) in the state, with a combined capacity of 2,800 MW.

Tata’s initiative follows the move of rival, Adani Electricity Mumbai Ltd, which signed an agreement with the Mumbai Metropolitan Region Development Authority, a state government entity, seven months ago to supply electricity for the two upcoming Metro railway routes in Mumbai.

PSPs utilize water’s kinetic energy to create a stable power supply. During periods of surplus energy, water is typically transferred from a lower reservoir to a higher chamber. During peak demand, stored water drives power turbines, generating electricity.

According to the arrangement, the Tata projects involve an investment of about 13,000 crore. Its initiatives include a 1,800 MW plant in Pune’s Shirawata, and a 1,000 MW unit at Bhivpuri in Raigad district.

“The collaboration is likely to create over 6,000 jobs and help Maharashtra achieve its target of becoming a $1-trillion economy by 2028," the firm said in a filing with exchanges. “Signing of MoU is a major step forward in Tata Power’s journey towards a clean and green energy future," Praveer Sinha, chief executive and managing director, Tata Power, said.

PSP is both a dependable as well as an effective solution for energy storage, ensuring consistent 24/7 power supply, said Sinha. Tatas have an installed capacity of 14,110 MW, out of which 5,250 MW is “clean and green sources" (such as hydro, waste heat recovery, wind, and solar), or around 37% of its portfolio. The company will be able to leverage the Western Ghat’s geographical features to operate the PSPs. Besides Tata Power has a significant presence extending over a century, overseeing operations of three hydro power projects: Khopoli Hydro Generating Station, Bhivpuri Hydro Generating Station, and Bhira Hydro Generating Station, with 150 MW pumped storage hydro project it said in the filing.

Adani Power boasts a power generation capacity of 15,250 MW, including 15,210 MW in thermal power capacity and 40 MW solar power capacity.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
more

topics

MINT SPECIALS