Mumbai (Maharashtra) [India], September 4 : Welspun Group company Welspun New Energy has signed a Memorandum of Understanding (MoU) with the Maharashtra government to develop a 1.2 GW pumped hydroelectric storage project.
As per a company release, the project, named 'Dhamni Pumped Hydro project', would come with an investment of approximately Rs 5,000 crore. The 1.2 GW pumped hydro project shall be constructed in the Pune and Raigad districts over the next 6-7 years.
The MoU was signed at an event in Mumbai on Tuesday, in the presence of Maharashtra's Deputy Chief Minister Devendra Fadnavis and Welspun Group's Chairman Balkrishan Goenka and Welspun New Energy's Executive Director and CEO, Kapil Maheshwari.
The MOU is of importance as India, as part of its Panchamrit pledge, has set a target of achieving 500 GW of renewable energy capacity by 2030. Pumped hydro projects are seen as critical to this transition, providing a dependable energy backup that can mitigate the variability of wind and solar power.
BK Goenka, Chairman of Welspun World, said, "This project is a significant milestone in our efforts to drive renewable energy adoption in Maharashtra. By harnessing the power of pumped storage we are not only contributing to the state's energy security but also creating green employment opportunities and driving socio-economic growth in the region."
Kapil Maheshwari, Executive Director and CEO of Welspun New Energy Ltd, said, "The project will be helpful in increasing the renewable penetration in the grid and provide stability to the intermittency of renewable energy generation."
"Further, the project also provides an opportunity for long duration energy storage to manage variable supply and variable demand and will enhance Grid stability," Maheshwari added.
The company release said that it aims to establish 5 GW of renewable energy and 2 million tonne per annum of green derivatives (ammonia/methanol) capacity by 2030.
Green energy for climate mitigation is not just a focus area for India, but globally it has gained momentum.
At COP26 held in 2021, India as a whole committed to an ambitious five-part "Panchamrit" pledge. They included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030.
India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.
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