Tata Power to invest Rs 13,000 crore in Maharashtra for 2 pumped hydro storage projects

New Delhi: Tata Power on Tuesday announced a Rs 13,000 crore investment for setting up two pumped hydro storage projects (PSPs) in Maharashtra.

Without sharing a timeline for the investment, the company said the two projects will have a combined capacity of 2,800 MW.

Explaining what is a PSP, a company statement said water will be pumped from a lower reservoir to a higher reservoir during times of excess energy, and the same water will be used to power turbines located lower down to generate electricity during peak demand.

The two PSPs will be set up at Shirawta, Pune (1,800 MW) and Bhivpuri, Raigad (1,000 MW) and generate employment for 6,000 people.

The company has been operating hydel projects in the state for over a century, having a presence in Khopoli, Bhira and Bhivpuri. Bhira includes a 150 MW PSP capacity.

A memorandum of understanding (MoU) was signed between the government of Maharashtra and the company on Tuesday in the presence of the state's deputy chief minister Devendra Fadnavis.

The company's managing director and chief executive Praveer Sinha said PSP is a reliable and efficient way to store energy, and the agreement is a major step forward for its journey towards a clean and green energy future.

The ecologically sensitive Western Ghats offer immense potential for PSPs courtesy of the natural topography and favourable geology, Tata Power said.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)