Torrent Power has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for the development of three Pumped Storage Systems hydro Projects with a capacity of 5,700 MW in the State of Maharashtra. The projects would involve an investment of around Rs 27,000 crores and provide employment for approximately 13,500 people during the construction period. The project would be executed in a period of 5 years.
According to the official document released by the company, the projects would be carried out on three sites; Karjat (3,000 MW) in Raigarh district, Maval (1,200 MW) and Junnar (1,500 MW) in Pune district. All sites are out of service and the projects are planned to provide a minimum of six hours of energy storage per day.
PSH is a configuration of two water tanks at different heights. The water is pumped to the upper reservoir at the time of excess power when it is cheapest. At the time of demand when energy is expensive, water the flow from the upper reservoir to the lower reservoir generates power with a hydraulic turbine. PSH is a cheaper power solution than battery for energy storage, has a longer lifespan of 40 years, provides longer storage duration of 6-10 hours with feasibility of multi-cycle operations during the day.
torrent power it currently has an aggregate installed generation capacity of ~4.1 GW, which largely consists of clean generation sources such as gas (2.7 GW) and renewables (1.07 GW). It also has a renewable capacity of 0.7 GW under development. Torrent's growth focus in power generation continues to be on renewables. To complement its growing renewable energy and distribution portfolio, Torrent is strategically entering storage space to fill the gap left in the grid by intermittent renewable energy.
Torrent Power, with a turnover of Rs. Rs 25,694 crore is the integrated energy company of the diversified Torrent Group with group revenue of Rs 37,500 crore (approximately USD 4.5 billion) and a group market capitalization of ~Rs 87,000 crore. It is one of the largest companies in the country's electricity sector with a presence throughout the value chain of energy generation, transmission and distribution.
