Tata Power announced a Rs 13,000 crore investment for setting up in two pumped hydro storage projects (PSPs) in Maharashtra on Tuesday. The business stated that the two projects will have a combined capacity of 2,800 MW but did not provide a deadline for the investment.
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.
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.