Adani Green Energy Limited (AGEL) has received a Letter of Award from Uttar Pradesh Power Corporation Limited (UPPCL) to develop a 1,250 MW energy storage capacity project through pumped hydro storage. The Panaura project, located in Sonbhadra district, Uttar Pradesh, is expected to be completed within six years and includes a 40-year operational commitment.
The annual fixed cost for the project is set at ₹76,53,226 per megawatt, excluding taxes, for the entire 40-year period from the commercial operation date.
AGEL plans to expand its hydro pumped storage capacity by over 5 GW by 2030. Construction has commenced on projects including a 500 MW facility at the Chitravathi River in Andhra Pradesh, a 1,500 MW project at Tarali in Maharashtra, and an 1,800 MW site at Gandikota in Andhra Pradesh.
Pumped hydro storage systems store energy by using electricity to pump water uphill during periods of low demand and releasing it to generate power during peak hours. These systems provide grid stability, peak demand management, frequency regulation, and reserve generation.
AGEL currently operates a renewable energy portfolio of 11.9 GW across 12 Indian states and aims to achieve 50 GW by 2030, aligning with India’s decarbonization goals.
In related developments, Adani Group has announced plans to develop 10 GW of hydroelectric projects abroad in countries such as Nepal, Bhutan, Kenya, Tanzania, the Philippines, and Vietnam, as part of its strategy to achieve net-zero carbon emissions by 2050.