NEW DELHI, Nov. 11 -- Tata Power's board on Wednesday approved an investment of Rs.11,871 crore in a 1.8GW pumped storage project at Shirwata in Maharashtra, as the company expands its power generation capacity.

According to a filing with the stock exchanges, 75% of the project cost will be funded through debt and the remaining 25% through equity. The project is expected to be completed in 51 months.

Pumped storage projects are expected to play a key role in integrating renewable energy into the power grid by providing round-the-clock electricity and grid stability, alongside battery energy storage systems. According to the Central Electricity Authority (CEA), 122.7GW of pumped storage capacity is currently in the pipeline in India, whi...