Tata Power Approves Rs 5,666 Cr for 1,000 MW Pumped Storage Project

New Delhi, Oct 30 (PTI) Tata Power on Wednesday said its board has approved Rs 5,666 crore investment for setting upa 1,000 MW pumped storage hydro project.

The company aims to set up the project in Bhivpuri over a period of 44 months, Tata Power said in an exchange filing.

On the mode of financing, the company said the 75 per cent will be debt and 25 per cent will be met through equity financing.

The company's overall existing capacity stands at 15.2 GW.

"Pumped Storage Hydro Project (PSP) will be instrumental in Renewable Energy Round the Clock (RE-RTC) applications, facilitating energy shifting, and contributing to the decarbonise hard to abate industries," it said.