MUMBAI: Tata Power on Tuesday announced a Rs 13,000 crore investment for setting up two pumped hydro storage projects (PSPs) in Maharashtra.

Without sharing a timeline for the investment, the company said the two projects will have a combined capacity of 2,800 MW.

Explaining what is a PSP, a company statement said water will be pumped from a lower reservoir to a higher reservoir during times of excess energy, and the same water will be used to power turbines located lower down to generate electricity during peak demand.

The two PSPs will be set up at Shirawta, Pune (1,800 MW) and Bhivpuri,

Raigad (1,000 MW) and generate employment for 6,000 people.