Odisha Hydro Power Corp (OHPC) is planning a hydro pump power storage system at a cost of Rs 3000 crore to meet peak power demand in rural areas, Mint has reported. The project will be funded by the World Bank’s International Financial Corporation (IFC). This is a departure from the general practice of using batteries for storing electricity generated from solar energy.
The project will come up near the upper Indravati reservoir in collaboration with the private sector. The idea is to pump water into the reservoir using cheap power generated through solar energy in the morning. The flowing water released from the reservoir is then used to generate power for consumption during peak hours at night. The private partner will be chosen through a bidding process.
“It will be one of the cheapest projects given the topography and we have seen a lot of interest from prospective investors. There is no other hydropower project on offer of this size,” urban sector public-private partnership lead for the Asia Pacific, IFC, Neeraj Gupta told Livemint.
The project assumes importance in the light of India’s ambitious 175 gigawatts (GW) clean energy target by 2022
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