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Avaada Group and Maharashtra Government Sign MoU for 2750 MW Pumped Storage Projects
Avaada Group has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to develop two significant Pumped Storage Projects (PSPs) with a combined capacity of 2750 MW. The agreement was formalized between the Water Resources Department and Avaada Aqua Batteries Pvt Ltd, a subsidiary of Avaada Group, in a ceremony attended by Maharashtra Deputy Chief Minister Devendra Fadnavis and Avaada Group Chairman Vineet Mittal.
The two projects covered by the MoU are the 1500 MW Pawana Falyan PSP, which will span Pune and Raigad districts, and the 1250 MW Kumbhavade PSP, located across Kolhapur and Ratnagiri districts. The total investment for these initiatives is estimated at Rs 14,000 crore and is expected to be realized over the next five to seven years. These projects are aimed at enhancing Maharashtra’s energy security and advancing its environmental sustainability goals.
Deputy Chief Minister Devendra Fadnavis underscored the state's commitment to expanding its renewable energy resources, setting a target for 50% of Maharashtra's total energy output to come from renewable sources by 2030. Fadnavis highlighted the role of renewable energy in the state’s economic sustainability, stating, "With the collaborative efforts of our strategic partners, we are committed to transforming Maharashtra into a leader in green energy".
Vineet Mittal emphasized the strategic importance of the PSPs for Avaada Group, noting, "Our pumped storage projects will not only provide round-the-clock renewable power but also enhance grid stability by integrating more solar and wind energy".
In addition to the pumped storage projects, Avaada Energy is leading several other renewable initiatives in Maharashtra. This includes decentralized agricultural solar PV projects and solar-wind hybrid installations. A notable project is the 1,138 MW decentralized agricultural solar PV initiative under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, which aims to provide uninterrupted daytime power to farmers and support the state's push towards sustainable energy.
The implementation of these PSPs is projected to create over 3,000 direct and indirect jobs, contributing to the region's socio-economic development. Additionally, the use of advanced pumped storage technology is expected to significantly reduce carbon emissions, aligning with both state and national sustainability objectives.
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