Welspun New Energy and Maharashtra Government Team Up for 1.2 GW Hydro Project
Welspun New Energy has signed a Memorandum of Understanding (MoU) with the Maharashtra government to develop a 1.2 GW pumped hydroelectric storage project. The project, named ‘Dhamni Pumped Hydro project’, will involve an investment of approximately Rs 5,000 crore and will be constructed in the Pune and Raigad districts over the next 6-7 years.
The MoU was signed at an event in Mumbai, attended by Maharashtra’s Deputy Chief Minister Devendra Fadnavis, Welspun Group’s Chairman Balkrishan Goenka, and Welspun New Energy’s Executive Director and CEO, Kapil Maheshwari.
This project is significant as it aligns with India’s Panchamrit pledge to achieve 500 GW of renewable energy capacity by 2030. Pumped hydro projects are crucial for providing a reliable energy backup to balance the variability of wind and solar power.
Balkrishan Goenka, Chairman of Welspun World, stated, “This project is a significant milestone in our efforts to drive renewable energy adoption in Maharashtra. By harnessing the power of pumped storage, we are not only contributing to the state’s energy security but also creating green employment opportunities and driving socio-economic growth in the region.”
Kapil Maheshwari, Executive Director and CEO of Welspun New Energy Ltd, added, “The project will be helpful in increasing the renewable penetration in the grid and provide stability to the intermittency of renewable energy generation. Further, the project also provides an opportunity for long-duration energy storage to manage variable supply and demand, enhancing grid stability.”
The company aims to establish 5 GW of renewable energy and 2 million tonnes per annum of green derivatives (ammonia/methanol) capacity by 2030. Green energy for climate mitigation is a global focus, and India has committed to ambitious goals, including reaching 500 GW of non-fossil electricity capacity and achieving net-zero emissions by 2070.
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Welspun New Energy -: Welspun New Energy is a company that focuses on creating energy from renewable sources like wind, solar, and water.
Maharashtra government -: The Maharashtra government is the governing body of the state of Maharashtra in India. It makes decisions and plans for the development of the state.
1.2 GW -: 1.2 GW stands for 1.2 gigawatts, which is a unit of power. It is a very large amount of energy, enough to power many homes and businesses.
MoU -: MoU stands for Memorandum of Understanding. It is an agreement between two parties to work together on a project.
pumped hydroelectric storage project -: A pumped hydroelectric storage project is a way to store energy by moving water between two reservoirs at different heights. When energy is needed, water is released to generate electricity.
Dhamni Pumped Hydro project -: The Dhamni Pumped Hydro project is the name of the specific energy storage project being developed by Welspun New Energy and the Maharashtra government.
Rs 5,000 crore -: Rs 5,000 crore is a large amount of money, equal to 50 billion rupees. It is the investment needed for the project.
Pune and Raigad districts -: Pune and Raigad are two districts in the state of Maharashtra, India, where the project will be built.
Panchamrit pledge -: The Panchamrit pledge is India’s commitment to achieve 500 gigawatts of renewable energy by the year 2030 to help the environment.
grid stability -: Grid stability means keeping the electricity supply steady and reliable so that there are no power cuts or fluctuations.
green jobs -: Green jobs are jobs that help the environment, like working on renewable energy projects or protecting nature.
energy security -: Energy security means having a reliable and steady supply of energy so that people and businesses always have the power they need.
socio-economic growth -: Socio-economic growth means improving the economy and the well-being of people in society, like creating jobs and better living conditions.