Adani Group plans to invest Rs 25,000-27,500 crore (about $3 billion) to set up its first pumped-storage hydropower (PSH) facility as it aims to gain an edge in the country's thriving clean-energy industry, Livemint reported.
PSH produces electricity by moving water between two reservoirs at different elevations.
Adani Green will set up a PSH capacity of 5 GW in the next five years and then increase to 25 GW, which will take the group’s total green-energy capability to 70 GW, the report said.
The company has also revised its original green-energy target for 2030 from 45 GW to 50 GW, as per the report.
Moneycontrol couldn't independently verify the report.
Adani Group will set up PSH generation facilities in Maharashtra, Andhra Pradesh, Tamil Nadu and Telangana which will require an investment of Rs 25,000-27,500 crore, based on the current costs, the report added.
PSH is a type of hydroelectric energy storage. It is a configuration of two water reservoirs at different elevations that can generate power as water moves down from one to the other (discharge), passing through a turbine.
Also Read | Weak hydroelectricity production may stimulate further usage of coal: S&P report
India's hydroelectricity output recorded its steepest fall in at least 38 years during the year ended March 31, a Reuters analysis of government data showed, as erratic rainfall forced further dependence on coal-fired power amid higher demand.
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