Welspun New Energy Signs MoU with Maharashtra Govt. for 1.2 GW Pumped Hydroelectric Storage Project
Welspun New Energy has signed an MoU with the Maharashtra’s Department of Water Resources to develop the 1.2 GW Pumped Hydroelectric Storage Project, named ‘Dhamni Pumped Hydro Project’ and will see an investment of approximately INR 5,000 crores.
September 07, 2024. By EI News Network
The project, named 'Dhamni Pumped Hydro project', will be constructed in the Pune and Raigad districts over the next 6-7 years and will see an investment to the tune of INR 5,000 crores.
The MoU is crucial for India's goal of 500 GW of renewable energy by 2030, with pumped hydro projects providing dependable backup for variable wind and solar power.
The project will enhance renewable energy integration into the grid, stabilise fluctuations in generation, and provide long-duration energy storage to balance supply and demand, improving grid stability.
Welspun New Energy Ltd aims to establish 5 GW of renewable energy capacity and produce 2 million tonnes of green derivatives, such as ammonia and methanol, annually by 2030.
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