New Delhi: The Maharashtra government's water resources department on Wednesday signed MoUs with a clutch of companies for pumped storage hydroelectric projects, entailing an investment of Rs 23,800 crore with potential to create 11,500 jobs. Maharashtra has set a target to become the country's pumped storage hub, Chief Minister Devendra Fadnavis said and announced the state has achieved a potential of 76,115 MW generation capacity through pumped storage projects.
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Speaking at the signing of three major memorandums of understanding here for pumped storage hydropower (PSH), he noted the new projects will add 5,800 MW to the state's power generation capacity. The MoUs entail an investment of Rs 23,800 crore and are expected to create 11,500 jobs, the CM added.
The agreements were signed for the Western Ghats Pumped Storage Project (Pune, Raigad districts), Koyna Stage-6 Pumped Storage Project (Satara district) and Sarovar Pumped Storage Project (Ahilyanagar district) between the water resources department and JSW Neo Energy Ltd, Mahagenco Renewable Energy Ltd and New Asian Infrastructure Development Pvt Ltd, a statement said.
Fadnavis said Maharashtra remains ahead in pumped storage potential due to the natural advantage of the Western Ghats and a strong network of large dams. "Pumped storage projects will be crucial to balance the unpredictability of renewable energy," he said, adding the central government support is helping expedite project development.
The CM informed the state has so far signed 54 MoUs for pumped storage hydropower projects, which are expected to generate 76,115 MW, attract investments worth Rs 4.06 lakh crore, and create around 1.25 lakh employment opportunities.
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Pumped storage projects move water between two reservoirs located at different elevations to store energy and generate electricity. Such plants use gravity to generate electricity with water that has previously been pumped from a lower source into an upper reservoir.