Tata Power Appoints Sanjay Banga as CEO-Designate and Approves ₹11,871-Crore Pumped Storage Project

Tata Power has announced leadership changes alongside a major capital expenditure plan for its energy storage capabilities. The company board has appointed Sanjay Banga, currently president of its renewables business, as Chief Executive Officer-designate, with his elevation to managing director and CEO scheduled for a five-year term beginning May 1, 2027, subject to shareholder approval.

Banga, who currently serves as CEO and managing director of Tata Power Renewable Energy Ltd and president of renewables, has been appointed as an additional director and CEO-designate effective November 11, 2026. He will succeed the incumbent leadership from May 1, 2027, for a term running until April 30, 2032.

During his tenure with the company, Banga has previously headed Tata Power’s transmission and distribution businesses. His oversight included distribution operations across Odisha, Mumbai, Delhi, and Ajmer, as well as the Mumbai transmission business, Powerlinks Transmission, and transmission assets in Uttar Pradesh. He also served as CEO of Tata Power Delhi Distribution Ltd, a public-private partnership with the Government of the National Capital Territory of Delhi.

Alongside the leadership announcement, the company board approved an investment of ₹11,871 crore to develop an 1,800 MW pumped storage hydro project (PSP) at Shirwata in Maharashtra. According to the company's regulatory filing, the project is expected to be completed within 51 months.

The capital expenditure for the Shirwata project will be funded through a mix of 75 percent debt and 25 percent equity. Tata Power stated that its existing overall capacity stands at 16.9 GW, which is currently operating at optimum utilization levels.

The company noted that the pumped storage project will support round-the-clock renewable power supply (RE-RTC) by facilitating energy shifting and aiding the decarbonisation of hard-to-abate industries. Pumped storage technology utilizes surplus electricity to pump water to an upper reservoir, generating power through turbines during periods of peak demand to address the intermittency of solar and wind energy sources.

"The appointment of Sanjay Banga alongside a substantial investment in pumped storage highlights Tata Power's strategic focus on scaling its renewable energy infrastructure. Large-scale energy storage is critical for addressing grid intermittency and ensuring reliable round-the-clock power supply. Financing this ₹11,871 crore project through a balanced debt-equity structure reflects a disciplined approach to long-term capital allocation in the energy sector." — Dr. Shishir Gupta, Founder & CEO, StartupLanes