The LoA has been awarded by SECI, a Government of India enterprise, for providing energy storage services from the PSP for a period of 40 years from the scheduled commencement of supply at an agreed fixed annual charge and cycle loss. SECI will sign a Pumped Storage Purchase Agreement (PPA) with Tata Power after signing a Pumped Storage Sale Agreement with the buying entities.
Under the terms of the award, Tata Power will provide storage services from the 324 MW / 2,592 MWh pumped storage facility. The company is required to commence the supply of storage capacity within 36 months from the effective date of the PPA.
The project carries an annual fixed charge of ₹1.0841826 crore per MW per year, with an annual cycle loss of 24.61%. For the full 324 MW capacity, the total annual fixed charge works out to ₹351.3 crore.
Shares of Tata Power Company Ltd. ended 0.03% lower at ₹377.00 on the NSE.
