Somewhat, they pump water to the top tank, this creates a torque. And torque can be energy if given radial velocity.
However, there is no such thing as free lunch, and pumping water to the top tank consumes energy of which half of that energy is lost immediately since that bit can't count as torque, right?
I don't know if pumping water up scales linearly in energy. The efficiency probably doesn't.
So a more correct description would be a gravity battery?