Tata Power Signs MoU With Maharashtra For 2800 MW of PSP

Tata Power has signed a Memorandum of Understanding (MoU) with the Maharashtra government to develop Pumped Hydro Storage Projects (PSP) with a combined capacity of 2800 MW. The power firm said these projects will likely see an investment of around Rs 1300 crore. 

The company shared the information in its latest filing before the Bombay Stock Exchange (BSE). These projects are slated to come up at Shirawta (1800 MW) near Pune and Bhivpuri (1000 MW) near Raigad in the state. The company said that this could aid in the creation of jobs for around 6,000 people in the region. 

“The signing of this MoU is a major step forward in Tata Power’s journey towards a clean and green energy future. PSP is a reliable and efficient way to store energy, and these projects will support renewable solar and wind projects to ensure a 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 Praveer Sinha, CEO & MD, Tata Power. 

The MoU was signed at the Mantralya in Mumbai. It was attended by Deputy Chief Minister of Maharashtra Devendra Fadnavis, Abha Shukla – Principal Secretary, Energy Department, Praveer Sinha – CEO & MD of Tata Power, Vijay Namjoshi – Chief-Generation, Tata Power, Prabhakar Kale – Chief- Hydros, Tata Power, along with others.

Tata Power already has three hydropower projects – Khopoli Hydro Generating Station, Bhivpuri Hydro Generating Station, and Bhira Hydro Generating Station, including 150 MW Pumped Storage Hydro project. 

“This initiative will significantly enhance energy security by providing a peaking and continuous power supply and 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 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,” the company said in its media statement.