yes, and more importantly, normal Hydro plants could be updated to release water at selected times, to create “on-demand power”. The energy is stored in the water behind the dam. So conventional, already-existing hydro dams can perform a two-sided function: Storing water, and to release it on-demand. Like a battery that is refilled by nature.
Actually, I had a discussion about this with someone who really knows this stuff recently, and we figured that the inversion process isn’t actually that inefficient. The efficiencies achieved are often >95%, so there isn’t actually a lot of loss.