Torrent Power Limited announced that it has obtained a Letter of Intent (LOI) from Maharashtra State Electricity Distribution Co. Limited (MSEDCL) for the procurement of 1,500 MW/ 12,000 MWh energy storage capacity for a pumped hydro storage project. MSEDCL will acquire 1,500 MW of energy storage capacity from a pumped hydro storage project for a 40-year period.
The company intends to deliver storage capacity through its future pumped hydro storage plant in Raigad District, Maharashtra.
"Detailed Letter of Award will be issued by MSEDCL upon obtaining necessary approval from Maharashtra Electricity Regulatory Commission (MERC) in terms of the tender document on the quoted tariff," the company said.
Under the Pumped Hydro Energy Storage Facility Agreement (PHESFA), the company will make available to MSEDCL a contracted capacity of 1,500 MW capable of discharge for 8 hours (with a maximum continuous 5 hours) per day. MSEDCL will provide the input energy for charging.
As the use of solar and wind power in electricity generation grows, there will be a greater need for energy storage systems to provide stable, reliable, and dispatchable renewable energy. Torrent Power has discovered Pumped Storage Project (PSP) sites throughout several states.
The corporation has already announced plans to add 5 to 8 GW of PSP capacity, with an investment of Rs 25,000 to Rs 35,000 crores. As part of its expansion strategy, the company is also working on additional green energy projects, such as Green Hydrogen and Green Ammonia Production.
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