BackTata Power inks pact with Maharashtra for two green power projects worth ₹13,000 cr
The two plants will be situated in Shirvata, Pune and Bhivpuri, Raigad and will generate employment for over 6,000 people.
PremiumNew Delhi: Tata Power has joined hands with the Maharashtra government to commission two pumped hydro storage projects (PSP) worth ₹13,000 crore.
The two projects will have a combined capacity of 2,800 megawatt and help the state achieve its goal of becoming a $1 trillion economy by 2028. The two plants will be situated in Shirvata, Pune (1800 MW) and Bhivpuri, Raigad (1000 MW) and will generate employment for over 6,000 people.
Maharashtra deputy CM Devendra Fadnavis and Tata Power CEO Praveer Sinha attended the signing ceremony which was held in the Mantralaya in Mumbai.
“The signing of this MoU is a major step forward in 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, Tata Power.
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. This initiative will significantly 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.
The Western Ghats, with their natural topography and favourable geology offer immense potential for pumped hydro storage projects. Tata Power’s legacy in this region spans a century, operating three hydro power projects - Khopoli Hydro Generating Station, Bhivpuri Hydro Generating Station, and Bhira Hydro Generating Station that includes 150 MW Pumped Storage Hydro project, the company said.
The clean and sustainable power generated from these projects has played an important role in the economic and commercial development of Mumbai and its surroundings, while the water released from these plants has been instrumental in the overall economic growth of Raigad and Thane districts, it added.
Shares of Tata Power closed up 0.5% at ₹233.90 apiece on the NSE today.
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