Planning to develop 11K Mw pumped storage capacity: Deepak Thakur

Hinduja Renewables plans to scale capacity to 10 GW by 2030, betting on solar, wind, hybrids and pumped storage to drive its next phase of growth

Hinduja Renewables Energy, part of the diversified Hinduja Group, is working on an aggressive growth plan that includes ramping up capacity 10 times within four years, Managing Director and Chief Executive Officer Deepak Thakur tells Nandini Keshari and Sudheer Pal Singh in a video interview from Mumbai. Edited excerpts:         

What is Hinduja Renewables’ larger capacity addition plan? 

Our operating capacity currently stands at around 1,100 Megawatt (Mw). The company also has a pipeline of 1,900 Mw under construction and development. Of this, around 1,500 Mw is expected to be commissioned within the current financial year. In addition, 400 Mw is expected to be commissioned by the first half of next year. We also have about 2,500-3,000 Mw of pumped storage projects under detailed investigation, evaluation, and technical studies. The aim is to get these projects off the ground this financial year as well. 

India is now entering the next phase of its energy transition, moving beyond standalone solar. In line with this, our business model is also exp­anding into wind, hybrid solutions, battery storage, pumped storage, and digital asset optimisation. These cap­abilities are being developed inter­nally as part of a long-term strategy. Hinduja Renewables operates both in the utility and commercial and industrial segments. We believe large-scale renewable energy (RE) deployment must be supported by strong storage solutions to ensure reliability and sustainability. 

The company is building its first solar-wind hybrid project in Gujarat and expanding into battery energy storage solutions. We have initiated development opportunities represe­nting 11,000 Mw of pumped storage capacity across multiple states. The company aims to scale up capacity up to 10 Gigawatt (Gw) by 2030. As an independent power producer (IPP), the focus is to ensure asset longevity of 25 years. To support this, the company follows an integrated model with in-house engineering, procur­ement and construction capabilities and in-house asset management and operation & maintenance. The intent is to maintain control over the entire value chain. The company is also actively solving land and connectivity challenges to build a strong pipeline for future growth. 

How much of the planned capacity will be based on wind energy projects? 

At present, our portfolio is primarily solar-based. However, the company is building its first solar-wind hybrid project of 150 Mw in Gujarat, which is a utility-scale project and serves as a flagship entry into the hybrid and wind space. Wind is again becoming significant in the evolving energy mix, with growing demand for hybrids and firm and dispatchable renewable energy and round-the-clock solutions. We are focusing on co-located projects because they ensure better utilisation of existing transmission infrastructure and help manage variability more effectively. 

What is the timeline for executing the aggressive growth path on pumped storage projects? 

Pumped storage projects reflect the most ambitious and defining element of our growth strategy. Within the 5-10 Gw-tier RE space, very few players are actively pursuing pumped storage at scale. Over the next two years, the 3 Gw peak operating portfolio will increasingly be complemented by pumped storage as a core growth driver. We have already signed memoranda of understanding with the governments of Assam, Uttar Pradesh, Chhattis­garh, Odisha, and Uttarakhand. Active development is underway for 2,500-3,000 Mw across these states. These numbers may vary as detailed project reports (DPRs) progress and site-level optimisation is undertaken. A DPR typically takes about one year to complete, and execution thereafter takes 2.5 to 3 years depending on site conditions, excavation requirements, and project complexity. In some cases, timelines may extend up to four years. One DPR is currently in advanced stages, and another is expected to reach clarity by the end of the year. Multiple projects are being developed in parallel. Once the first project is executed successfully, it builds confidence and improves scalability for subsequent projects, making execution more seamless. 

What has been the impact of the recent commodity price spike on your procurement costs? 

There has been an impact on costs. Once a tariff is signed with a customer or a power purchase agreement is executed with a utility, the only relief available is through a change in law. Commodity price changes do not fall under this provision. In procurement contracts, if there is an increase beyond a threshold, usually 5-6 per cent, the incremental cost has to be borne by the off-taker, which in this case is the developer or the IPP. This creates a significant challenge because the prices of multiple input materials are volatile, including copper, silver, CRGO steel used in transformers, aluminium, and lithium carbonate used in battery storage systems. Every IPP must decide its own strategy — whether to optimise procu­rement, delay projects, or proceed while managing higher costs and potential penalties. Overall, this is a difficult situation for developers as well as OEMs and equipment manufacturers, who are all operating under similar pressures. 

So, yes, there has been an impact on costs. The response has been multi-pronged. One lever is enginee­ring design optimisation, where specifications are adjusted to minim­ise cost impact. The second lever is supply chain efficiency, where sourci­ng teams work more aggressively to manage procurement and reduce escalation. Scale also plays an impo­rtant role. With projects of around 2,000-3,000 Mw in the pipeline over the next few quarters, strategic align­ments with vendors with a larger offtake across time do provide positi­ve leverage. Some cost increases have been passed through in certain areas, while in others they have not. Overall, the impact is being managed through design optimisation, sourcing efficiency, and strategic prioritisation.