NTPC Pushes Ahead with 20 GW Pumped Storage Projects

India’s largest power utility,

(NTPC Ltd), is accelerating its energy storage plans with a pipeline of pumped storage projects (PSPs) totaling 20 GW. The projects are key to supporting the renewable energy transition and ensuring grid stability. The NTPC Group aims to commission 3–5 GW of PSP capacity by FY32, starting with the 1,000 MW Tehri Pumped Storage Project in Uttarakhand. The first unit has already begun commercial operations, with full commissioning expected by FY26. Pumped storage offers long operational life and regulated returns, making it a strategic asset for India’s clean energy goals. NTPC has completed feasibility studies for 18 projects, with four in advanced stages. To fund these initiatives, NTPC plans to raise ₹18,000 crore via non-convertible debentures (NCDs). It will issue ₹4,000 crore through private placement at 6.89% interest, maturing in 2035. With a current group capacity of 81,368 MW, NTPC is well-positioned to drive India’s energy transition through large-scale storage and sustainable growth.