Tata Power will receive ₹1,100,000,000,000 in power; the company will launch a major project in this city. What are the plans?

Tata Power Company (TPCL) is setting up a large pumped storage project (PSP) in Shirvata, Pune, Maharashtra. The company will invest ₹11,000 crore in this project. This information was provided by Tata Power CEO and MD Praveer Sinha. He stated that work on the Shirvata project will begin in July next year and will take five years to complete. He said, “We will invest ₹11,000 crore and will be financed through a debt-to-equity ratio of 70:30.”

Last year, an agreement was signed between Tata Power and the Maharashtra government. Under this agreement, two large pumped storage projects will be built in the state, with a total capacity of 2,800 MW. One of these projects will be 1,800 MW in Shirvata, Pune, and the other will be 1,000 MW in Bhivpuri, Raigad. This project is being developed and currently owned by Tata Power Renewable Energy. Regarding the Bhivpuri project, Tata Power stated that they are currently in discussions with commercial and industrial customers and will connect them within the next six months.

What is a pumped storage project?

A pumped storage project (PSP) works like a battery. When electricity is cheap, it pumps water from a lower reservoir to an upper reservoir and stores it. When electricity demand increases and becomes more expensive, this stored water is pumped through a turbine to generate electricity. This helps maintain grid stability.