Mumbai: The Maharashtra government on Monday signed a Memorandum of Understanding (MoU) worth Rs 8,000 crore with GSC PSP Maha Pvt Ltd of Haryana for the Panchmauli-Devalipada Pumped Storage Hydroelectric Project in Dhule and Nandurbar districts.
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The Panchmauli-Devalipada project, with an installed capacity of 1,500 MW, is expected to create about 2,500 jobs. It will require around 19.29 TMC of initial water storage and 3.24 TMC annually for replenishment, generating estimated annual revenue of over Rs 1,100 crore for the state.
The agreement was signed in the presence of Chief Minister Devendra Fadnavis at Sahyadri Guest House between Additional Chief Secretary Deepak Kapoor and GSC PSP Maha Pvt Ltd chairman and managing director Sumit Nanda, an official release said.
Speaking on the occasion, Fadnavis said the state government will establish a fast-track mechanism to ensure time-bound clearances for pumped storage hydroelectric projects, including water usage and environmental approvals.
"Maharashtra's geographical conditions, especially in Sahyadri mountain ranges, are favourable for developing pumped storage projects, which will help stabilise the power grid. The state has targeted setting up around 1,00,000 MW capacity through such projects to strengthen both the state and national power grids," the CM added.
Fadnavis also said the government is implementing Asia's largest solar energy project to meet agricultural power needs through renewable sources.
The project aims to generate 16 gigawatts of distributed solar capacity, significantly reducing dependence on conventional power sources, the CM informed. Kapoor said MoUs have been signed for 50 pumped storage projects so far, and efforts are underway to expedite their implementation.
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"With the latest agreement, 51 projects are expected to generate 70,315 MW of electricity, attract Rs 3.83 lakh crore in investments, and create about 1.13 lakh employment opportunities," he said.