Tata power and Maharashtra Government Sign MoU for Energy Projects worth Rs.13,000 Crore
Tata Power and the Maharashtra government have signed a memorandum of understanding to develop two large Pumped Hydro Storage projects (PSP) in the state with a combined capacity of 2800 Megawatts (MW).
These projects, with an estimated investment of Rs 13,000 crore, will be located in the districts of Shirawta, Pune (1800 MW) and Bhivpuri, Raigad (1000 MW).
"Pumped Hydro Storage is a reliable and efficient way to store energy, and these projects will support renewable solar and wind projects to ensure reliable, 24/7 consistent power supply," said Dr Praveer Sinha, CEO and MD of Tata Power.
According to Tata Power, the collaboration will help the state achieve its ambitious goal of becoming a $1 trillion economy by 2028 while also creating jobs for over 6,000 people.
A PHP harnesses the kinetic energy of water to generate a stable and dependable power supply. Water is pumped from lower reservoir to higher reservoir during times of excess energy, and during peak demand, the stored water powers turbines, generating electricity.
"This initiative, along with other renewables such as solar and wind, will significantly improve energy security by providing peaking and continuous power supply." "By establishing 2800 MW of pumped hydro capacity, these projects will significantly contribute to cleaner capacity addition in the country," Tata Power added.