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Torrent Power signs MoU with Maharashtra govt for Pumped Storage Hydro Projects
Industry News- Jun 09,23
The projects, requiring an investment of Rs 27,000 crores, will create employment for 13,500 people and provide minimum six-hour energy storage.
Torrent Power and the Government of Maharashtra have entered into a Memorandum of Understanding (MoU) to establish three Pumped Storage Hydro Projects in Maharashtra, with a combined capacity of 5,700 MW. The projects, to be completed within five years, will require an investment of approximately Rs 27,000 crores and are expected to create employment opportunities for around 13,500 individuals during the construction phase.
Torrent Power has identified three sites for these projects: Karjat in Raigarh District (3,000 MW), Maval in Pune District (1,200 MW), and Junnar in Pune District (1,500 MW). According to a press statement by Torrent Power, all the sites are off-stream and the projects are designed to provide a minimum of six hours of energy storage on a daily basis.
With the increasing share of intermittent renewable power in the grid, there is a growing need for energy storage to manage loads and meet peak demands. Pumped Storage Hydro (PSH) has emerged as an established, reliable, and cost-effective technology for firm, flexible, and dispatchable power. PSH involves two water reservoirs situated at different elevations. During periods of excess power, water is pumped to the upper reservoir, taking advantage of lower costs. When power demand is high and expensive, water is released from the upper reservoir to the lower reservoir, generating power through a hydraulic turbine. PSH offers several advantages over battery storage, including lower costs, a longer lifespan of 40 years, and the ability to provide storage durations of 6 to 10 hours with multiple cycle operations throughout the day.
Currently, Torrent Power has an aggregate installed generation capacity of 4.1 GW, primarily consisting of clean generation sources such as gas (2.7 GW) and renewables (1.07 GW). Additionally, the company has 0.7 GW of renewable capacity under development. Torrent Power aims to further expand its power generation portfolio, with a focus on renewables, to complement its growing portfolio of renewables and distribution. The company recognizes the need to address the intermittent nature of renewable power and sees its entry into the storage space as a strategic move to fill the void in the grid.
On Tuesday, Torrent Power's stock price on the BSE ended at Rs 611.65, marking a 3.92 per cent increase, while the benchmark Sensex ended the day flat.
Source: The Economic Times
Torrent Power
Government of Maharashtra
Memorandum of Understanding (MoU)
Pumped Storage Hydro Projects
Karjat
Raigarh
Junnar
Pune
Maval
BSE
Sensex
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