Tata Power To Make Use Of Captive Hydropower Assets In Pumped Storage Power Race
Tata Power, one of India’s largest integrated power companies, is set to utilise its captive hydropower plants to gain a competitive edge in the race for pumped-storage hydropower plants, according to CEO and MD Praveer Sinha.
Tata Power has unveiled plans to develop two pumped storage assets in Maharashtra, with a combined capacity of 2.8 gigawatts.
The company’s captive assets could potentially develop up to 12 gigawatts, which, when combined with solar and wind power plants, could deliver up to 48 gigawatts of round-the-clock renewable power.
In the previous week, the Tata Power board approved an investment of ₹5,666 crore to develop a 1-gigawatt pumped storage plant at Bhivpuri in Maharashtra. The construction is slated to commence in January and is expected to be completed by mid-2028.
The company is currently awaiting various approvals for its second pumped storage plant in Maharashtra with a capacity of 1.8 gigawatts. The construction for this plant is expected to begin by mid-next year.
Currently, Tata Power has hydropower plants at Bhira, Bhivpuri and Khopoli in Maharashtra. It also has a 50% stake in a hydropower plant each in Zambia and Georgia and a 26% stake in a hydropower plant in Bhutan.
In its Q2 results, Tata Power reported a 7.5% year-on-year growth in its net profit to ₹1,093 crore. The company’s topline declined 0.3% to ₹15,697 crore.
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Published on - November 4, 2024 10:47 AM
