India’s Tata Power announced plans to develop a pumped storage project, using two existing reservoirs, while presenting its most recent financial results.
Tata Power said it is focusing on growing its business footprint through emerging technologies like pumped hydro storage, offshore wind and green hydrogen. It is also exploring new technologies like small modular nuclear reactors. In particular, the company will develop pumped hydro storage at its hydro plants in Lonavala/Pune, where the existing reservoirs will be used.
No furthers details were released on the project, including cost or timeline for the development.
In addition, during its 104th Annual General Meeting of shareholders for Financial Year 2022-23, Tata Power said it will double its Capex this financial year to INR120 billion (US$1.5 billion). Tata Power Chairman Natarajan Chandrasekaran, in his speech to shareholders, highlighted the Company’s financial performance, strategic plans, and commitment to clean energy solutions.
Tata Power is developing clean energy solutions like battery storage and pumped hydro projects for its commercial and industrial consumers. The company is also exploring new technologies such as offshore wind and green hydrogen to ensure stable, reliable and consistent supply from renewable power sources.
Tata Power’s renewable portfolio stands at 7 GW, with 3.9 GW operational and 2.7 GW under implementation. The company has a clean and green capacity (non-carbon) of 37%, which is expected to increase to 70% by 2030.
Tata Power is one of India’s largest integrated power companies and has an installed/managed capacity of 14,110 MW. The company has a presence across the entire power value chain — generation of renewable as well as conventional power, transmission and distribution, and trading. It has 5,250 MW of clean energy generation from solar, wind, hydro and waste heat recovery that accounts for 37% of the overall portfolio and has public-private partnerships in generation, transmission and distribution in India. One example is the Powerlinks Transmission Ltd. partnership with Power Grid Corporation of India Ltd. for evacuation of power from the Tala hydro plant in Bhutan to Delhi.
