Dec 10 2023, 09:49
Tata Power has a fix for the missing link in green- energy:
The Government of Maharashtra and Tata Power have signed a memorandum of understanding for a 2800MW pumped hydro storage project in the state. Image credit: tatapower.com
Tata Power has been investing in pumped storage hydropower, a technology that can potentially shape India's sustainable-energy future. The company is planning a capital investment of INR13,000 crore in two such storage projects in Maharashtra.
The company is betting on pumped storage hydropower, which is emerging as a reliable and versatile technology that can shape India's sustainable- energy future. It has proposed a capital investment of INR13,000 crore in two such storage projects in Maharashtra - a 1,800 megawatt (MW) unit at Shirawata in Pune district and a 1,000MW unit in Bhivpuri in Raigard district.
Tata Power's strategy makes immense business sense as energy-storage solutions are gaining prominence amid the world's shift towards renewable-energy sources. Green power can become fully mainstream if it is stockpiled efficiently.
"We are targeting by mid-2024 to start work on both the pumped hydro plants," says Praveer Sinha, chief executive officer of Tata Power. The Bhivpuri plant is slated to get ready in 36-40 months and the Shirawata unit will take a little longer, about 48 months. "By the end of 2027, we will be able to offer power from the Bhivpuri plant. From 2027-28 onwards, we will be able to offer blended 24/7 renewable power to consumers from both these plants," Sinha elaborates.
At present, over 38% of its generating capacity comes from clean and green- energy sources such as solar, wind, and hydro. The remaining 62% comes from thermal. In 2015, the share of clean energy was a mere 16%, and thermal was 84%.
Its clean-energy portfolio currently stands at 5,500MW, or nearly 38% of the installed capacity. Of this, nearly 3,200MW is solar, 1,000MW is wind, and the rest is hydro and off-gas. Another 3,760MW is under implementation which is likely to be completed in the next two years.
"We will achieve an installed capacity of 9,300MW clean energy, which will be nearly 50% of our total capacity. So, we have set up a very ambitious target that by 2030, 70% of our installed capacity will be clean energy. I think we'll be able to achieve this," Sinha says.
Unlike NTPC and other energy producers that are still operating coal-based power plants, Tata Power aims to phase out all coal-based generation by 2045, when most of its plants' life expires. In fact, its thermal portfolio has increased by a mere 2.3% CAGR between March 2015 and March 2023, with no additions since 2020. At the same time, the company's renewable-generation portfolio has grown rapidly at a CAGR of 18.4%, almost four times over the same period.
source: et
Dec 10 2023, 13:46