Tata Power's board has approved Rs 5,666 crore investment towards the setting up of a 1,000 MW pumped storage hydro project in Bhivpuri, Maharashtra.

To be developed over a period of 44 months, the financing mode will comprise 75 percent as debt and 25 percent to be met through equity. The company's overall existing capacity stands at 15.2 GW.

Pumped storage hydro project (PSP) assist in renewable energy round the clock (RE-RTC) applications, contributing to decarbonise hard to abate industries.