MUMBAI: Tata Power, one of India’s leading electricity companies, unveiled a massive Rs 13,000 crore investment plan for creating two pumped hydro storage projects (PSPs) in Maharashtra. This announcement was made on Tuesday, and the company shared that these projects will provide a combined capacity of 2,800 MW.
To understand what a PSP is, Tata Power explains that water is pumped from a lower reservoir to a higher one when there is excess energy. Later, the same water is used to run turbines located lower down to produce electricity when the demand is high.
The two PSPs are planned for Shirawta, Pune (1,800 MW), and Bhivpuri, Raigad (1,000 MW). Not only will they generate electricity in an efficient way, but they are also expected to create jobs for 6,000 people.
Tata Power is no newcomer to the field, having been in the hydroelectric business in the state for more than a hundred years. The company’s current operations include locations in Khopoli, Bhira, and Bhivpuri, with Bhira having a 150 MW PSP capacity already.
The state’s Deputy Chief Minister, Devendra Fadnavis, was present on Tuesday when a memorandum of understanding (MoU) was signed between the Maharashtra government and Tata Power.
Speaking on the occasion, Praveer Sinha, the managing director and chief executive of Tata Power, emphasized that PSP is a dependable and efficient way to store energy. This agreement represents a significant step towards a cleaner and greener energy future.
Tata Power highlighted that the ecologically sensitive Western Ghats offer a great potential for PSPs, thanks to the natural topography and favourable geology.
This substantial investment from Tata Power signifies a crucial stride in India’s ongoing journey towards renewable energy. It not only showcases the company’s commitment to innovation and sustainability but also adds to Maharashtra’s growing reputation as a hub for green energy development.