New Delhi/Mumbai, Apr 29 (PTI) Avaada Group on Tuesday said it has signed an initial pact with the Maharashtra government for development of two pumped storage projects in the state, having a combined capacity of 3,600 MW.
The two major pumped storage hydro projects — 2,400 MW Pawana Falyan and 1,200 MW Sirsala — will see a cumulative investment of Rs 15,100 crore. The projects are expected to generate over 3,800 direct employment opportunities, the company said in a statement.
These pumped storage initiatives will play a critical role in strengthening Maharashtra’s energy security by enabling round-the-clock renewable power, supporting grid balancing, and ensuring seamless integration of clean energy into the state’s power mix, the company said.
Maharashtra Chief Minister Devendra Fadnavis emphasised the state’s commitment to becoming the clean energy capital of India.
Fadnavis said, “Maharashtra aims to become the Green Energy Hub of India. All signed MoUs (memoranda of understanding) must translate into swift execution on the ground, and the government will ensure complete support to developers to fast-track these transformational projects.” Vineet Mittal, Chairman of Avaada Group, said, “This agreement is a decisive step towards securing India’s clean energy future. Pumped storage solutions are pivotal for maintaining grid reliability and ensuring renewable energy availability round-the-clock.” In a post on X, CM Fadnavis said the MoU was signed between the Water Resources Department, MAHAGENCO (Maharashtra State Power Generation Company), MAHAREL (Mahagenco Renewable Ltd, a subsidiary of MAHAGENCO) and the Avaada Group for pumped storage projects.
These MoUs will enable the generation of 8,905 MW of electricity, attract investments worth Rs 57,260 crore, and create approximately 9,200 employment opportunities.
MAHAGENCO will develop pumped storage projects at Ghatghar (125 MW), Kodali (220 MW), Varasgaon (1,200 MW) and Panshet (1,600 MW). MAHAGENCO Renewable Energy Limited will set up additional projects at Muthkhed (110 MW), Nive (1,200 MW) and Varandha Ghat (800 MW). Additionally, Avaada Aqua Batteries will establish projects at Pawana-Falyan (2,400 MW) and Sirsala (1,250 MW), Fadnavis said.
“The pumped storage hydropower projects are an advanced technology in the field of renewable energy. These projects will help meet the electricity needs of agriculture, industry and commercial sectors, while also promoting environmental conservation. The government aims to generate 50 per cent of the state’s total energy capacity from renewable sources,” the CM said. PTI ABI SHW PR NP
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The 3,600 MW pumped storage projects by Avaada Group are a significant milestone in India’s renewable energy journey. This development will not only enhance energy security but also create numerous employment opportunities in Maharashtra.