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Aug 8, 2023

Power Major Tata Power Signs MoU With The Govt. Of Maharashtra

 TCS Business Correspondent 

Tata Power, one of
India’s largest Integrated Power Companies, and the Government of Maharashtra
have signed a Memorandum of Understanding (MoU) to develop two large Pumped
Hydro Storage projects (PSP) with a combined capacity of 2800 Megawatts (MW) in
the state, the company on Tuesday announced through an exchange filing.

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Estimated Investment

These projects, with
an estimated investment of approximately Rs 13,000 crore, will be situated at
Shirawta, Pune (1800 MW) and Bhivpuri, Raigad (1000 MW) districts. The
collaboration is poised to drive the state towards its ambitious goal of
becoming a $1 Trillion economy by 2028 while concurrently generating employment
for over 6,000 people. The MoU signing ceremony was held at the Mantralya in
Mumbai and with dignitaries, including the Deputy Chief Minister of
Maharashtra, Devendra Fadnavis; Abha Shukla – Principal Secretary, Energy
Department; Dr. Praveer Sinha – CEO & MD of Tata Power; Vijay Namjoshi –
Chief-Generation, Tata Power; Prabhakar Kale – Chief- Hydros, Tata Power, along
with other guests. “The signing of this MoU is a major step forward in the
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 Dr Praveer
Sinha, CEO & MD, Tata Power.

These projects are
set to support Maharashtra’s and Country’s energy landscape, leveraging the
kinetic energy of water to create a stable and reliable power supply. 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.

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