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Tata Power signs MoU with the Government of Maharashtra for Development of 2800 MW of Pumped Hydro Storage Projects

Posted On : 2023-08-09 13:28:00( TIMEZONE : IST )

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. These projects, with an estimated investment of approximately ₹ 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 graced by esteemed dignitaries, including the Hon'ble Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis; Ms. Abha Shukla - Principal Secretary, Energy Department; Dr. Praveer Sinha - CEO & MD of Tata Power; Mr. Vijay Namjoshi - Chief-Generation, Tata Power; Mr. Prabhakar Kale - Chief- Hydros, Tata Power, along with other distinguished 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.

The Western Ghats, with their natural topography and favourable geology, offer immense potential for Pumped Storage Hydro 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 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 the Raigad and Thane districts.

Tata Power's initiative of clean energy adoption is an effort to contribute to a greener future. This MoU ensures grid stability, seamless integration of renewable sources, and a lasting impact on the energy landscape. The projects' scalability and efficiency reinforce Tata Power's commitment to a greener tomorrow, transforming the energy landscape for future generations.

Shares of Tata Power Company Limited was last trading in BSE at Rs. 233.85 as compared to the previous close of Rs. 232.65. The total number of shares traded during the day was 533905 in over 7935 trades.

The stock hit an intraday high of Rs. 236.50 and intraday low of 230.55. The net turnover during the day was Rs. 124768480.00.