Tata Power Wins SECI Contract For 324 MW/2592 MWh Pumped Storage Project With 40-Year Energy Storage Agreement

Tata Power has secured a significant renewable energy contract after receiving a Letter of Award (LOA) from the Solar Energy Corporation of India Limited (SECI) for providing energy storage services through a new pumped storage project. The company disclosed the development in an exchange filing submitted under SEBI regulations on July 18, 2026.

Under the agreement, Tata Power will develop and operate a 324 MW / 2,592 MWh Pumped Storage Plant (PSP), which will supply clean energy storage services for a period of 40 years from the scheduled commencement date. The project is expected to play an important role in strengthening India’s renewable energy infrastructure by supporting grid stability and enabling greater integration of renewable power.

According to the filing, the project has been awarded with a fixed annual charge of ₹1.0841826 crore per MW. Based on the total project capacity of 324 MW, the annual fixed charge amounts to approximately ₹351.3 crore. The project also includes a specified cycle loss of 24.61%, which forms part of the agreed commercial terms.

Tata Power is required to commence the supply of storage capacity within 36 months from the effective date of the Pumped Storage Purchase Agreement (PPA). The company stated that SECI will execute the PPA after completing the corresponding Pumped Storage Sale Agreements (PSSAs) with the purchasing entities.

The company also clarified that SECI, although a Government of India enterprise, is not related to Tata Power in terms of promoter or group company ownership. Tata Power confirmed that neither its promoters nor group companies have any interest in SECI. It further stated that the transaction does not qualify as a related party transaction and has been carried out on an arm’s length basis in accordance with applicable regulatory requirements.

The award marks another important milestone for Tata Power as it continues to expand its presence in India’s fast-growing renewable energy and energy storage sector. The long-term project is expected to support the country’s clean energy transition while enhancing the reliability and flexibility of the power grid.