Torrent Power Ltd has received Letter of Intent (LOI) from Maharashtra State Electricity Distribution Co Ltd (MSEDCL) for procurement of 1,500 MW from pumped hydro storage hydro project.
The LOI was issued on September 17 after the company emerged as a successful bidder. MSEDCL will procure energy storage capacity of 1,500 MW (12,000 Megawatt hour or MWh) from pumped hydro storage project for a period of 40 years, stated an official release.
Torrent Power plans to supply the storage capacity from its upcoming pumped hydro storage plant being set up in Raigad district, Maharashtra. Under the Pumped Hydro Energy Storage Facility Agreement (PHESFA), the Company shall make available to MSEDCL a contracted capacity of 1,500 MW capable of scheduled discharge of 8 hours (with maximum continuous 5 hours) per day. The input energy for charging shall be provided by MSEDCL.
Increased penetration of Solar and Wind in electricity generation will create a need for energy storage solutions for providing firm, reliable and dispatchable RE power. Torrent Power has identified Pumped Storage Project (PSP) sites in multiple states. The Company has already announced that it intends to install about 5 to 8 GW of PSP capacity entailing investment of ₹25,000 to ₹35,000 crore.
As part of its growth strategy, the company is also working on other Green Energy pathways like Green Hydrogen and Green Ammonia Production projects, the release added.