Tata Power Ltd has entered into an agreement with the Government of Maharashtra for developing pumped hydro storage projects having a total capacity of 2800 MW.

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The power company signed a Memorandum of Understanding (MoU) with the Maharashtra Government proposing a total investment worth approximately Rs 13,000 crore, Tata Power said in a filing to stock exchanges.

The pumped hydro storage projects are targeted to aid not just Maharashtra but also the country’s clean energy landscape. It will help to achieve the state’s $1 trillion economy goal by 2028, and pegs to generate employment for more than 6,000 people in Maharashtra.

Of the aforementioned 2800 MW total storage projects, 1800 MW pumped hydro storage projects will be located in Shirawata of the Pune district, while another 1,000 MW PSP will be located at Bhivpuri in the Raigad district.

These projects are among the largest PSPs of Tata Power and aim at providing a seamless integration with renewable energy sources. Not just that, the projects will help the existing solar and wind facilities for providing power supply all day.

“The signing of this MoU is a major step forward in Tata Power’s journey towards a clean and green energy future. Pumped Hydro Storage is a reliable and efficient way to store energy, and these projects will support the renewable solar and wind projects to ensure reliable, 24/7 consistent power supply,” said the CEO and MD of Tata Power, Praveer Sinha, in a press release on August 8.

Tata Power’s shares closed 0.54 percent higher at Rs 233.9 per piece on the BSE on Tuesday.