New Delhi: Avaada Group said on Tuesday that it has signed an initial pact with the Maharashtra government for developing two pumped storage projects in the state with 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 the 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."