The Tata Power Company (NSE:TATAPOWER, BOM:500400) plans to set up a 1,000 MW pumped storage hydro project in Bhivpuri, India, with a proposed investment of 56.66 billion Indian rupees, according to a Wednesday filing to the Indian bourses by the power producer.

The company's overall existing capacity stands at 15.2 GW, with the capacity utilization at optimum level. The pumped storage hydro project will help in renewable energy round-the-clock applications, the filing said.

The company aims to set up the project in Bhivpuri over a period of 44 months.

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