Daily Newsletter

09 August 2023

Daily Newsletter

09 August 2023

Tata Power to develop 2.8GW pumped hydro storage projects in India

The two projects will leverage the kinetic energy of water to create a stable power supply.

Surya Akella August 09 2023

The MoU in the presence of Maharashtra Deputy Chief Minister, Devendra Fadnavis (centre), the government of Maharashtra’s energy department principal secretary, Abha Shukla, (left) and Tata Power CEO and managing director Praveer Sinha (right). Credit: Tata Power.

Tata Power, an independent power producer in India, has entered a memorandum of understanding (MoU) with the government of Maharashtra for the development of two pumped hydro storage projects with 2.8GW of total capacity.

Estimated to cost Rs130bn ($31.56bn), the two projects will be located at Shirawta, Pune, with 1.8GW, and Bhivpuri, Raigad, with 1GW.

The two projects will leverage the kinetic energy of water to create a stable power supply, and will support the state and the country’s energy landscape.

Tata Power's MoU with the government can ensure grid stability while bringing about the seamless integration of renewables.

Tata Power CEO and managing director Praveer Sinha stated: “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 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.”

Water will be pumped from a lower reservoir to a higher reservoir during times of excess energy. During peak demand, the stored water will be released to run turbines, generating electricity.

The projects will be located in the Western Ghats mountain range in India. The natural topography of the region offers significant potential for pumped storage hydro projects.

Tata Power has a foothold in the region through three hydropower stations: Khopoli, Bhivpuri, and the Bhira station, which includes a 150MW pumped storage hydro project.

The clean electricity generated from these projects has played an important role in the development of the capital city of Mumbai and its surroundings while bringing overall economic growth to the neighbouring districts of Raigad and Thane.

ESG 2.0 marks a shift towards stricter environmental rules

ESG is moving into a different era, which we call ESG 2.0. While ESG 1.0 was driven by voluntary corporate action, spurred by pressure from activist consumers and investors, ESG 2.0 is being driven by a new wave of government policies. The EU has taken the regulatory lead, with rules introduced or in the pipeline that will price emissions, regulate the use of the terms ‘ESG’ and ‘sustainability’ in marketing materials, and make ESG reporting mandatory. The US has taken a different approach, favoring less regulation and more financial support in the form of tax breaks for clean industry (renewables plus nuclear and hydrogen). China is planning to expand its emissions trading system to more sectors, decarbonize its heavy industry, and ramp up its use of renewables. The new policy direction is mainly motivated by the ambition to hit net zero emissions targets. But on top of this, governments are now competing for clean industry and trying to challenge China’s leadership on the production of the world’s green technologies such as solar panels and batteries, as well as the production and refinement of materials needed for energy transition such as lithium. These driving forces are leading to policy that will impact every sector, not just heavy industry, and will keep ESG near the top of the regulatory agenda over the longer term.

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