Tata Power to invest Rs 13,000 crore in Maharashtra; develop 2,800 MW of hydro projects

Government of Maharashtra has signed a Memorandum of Understanding (MoU) with Tata Power for the development of two Pumper Hydro Storage Projects (PSP) worth Rs 13,000 crore, according to an exchange filing on Tuesday.

The two projects will have a combined capacity of 2800 megawatts and help the state achieve its goal of becoming a $1 trillion economy by 2028. The two plants will be situated in Shirvata, Pune (1800 MW) and Bhivpuri, Raigad (1000 MW) and will generate employment for over 6,000 people.

Deputy CM of Maharashtra, Devendra Fadnavis and CEO of Tata Power, Praveer Sinha attended the signing ceremony which was held in the Mantralaya in Mumbai.

CEO Sinha, commenting about the project, said: “The signing of this MoU is a major step forward in Tata Power’s journey towards a 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.”

As per the statement, these projects are set to support Maharashtra's and also the nation's energy landscape, leveraging the kinetic energy of water to create a stable and reliable power supply. 

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 company noted.

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.