Avaada Group, a green energy solutions provider, has announced the signing of a Memorandum of Understanding (MoU) with the Government of Maharashtra for the development of two pumped storage projects (PSPs) with a combined capacity of 2.75 GW.
The two ambitious projects include the 1.5 GW Pawana Falyan PSP in Pune and Raigad districts and the 1.25 GW Kumbhavade PSP in Kolhapur and Ratnagiri districts. Avaada will develop these projects with a total investment of around INR 14,000 crore over the next five-seven years.
The MoU was signed between the Water Resources Department, Government of Maharashtra, and Avaada Aqua Batteries, an arm of Avaada Group, in the presence of deputy chief minister of Maharashtra, Devendra Fadnavis, and Avaada Group’s chairman, Vineet Mittal.
On the occasion, Devendra Fadnavis, expressed the state government’s commitment to significantly increasing investments in renewable energy, with a special focus on the Maharashtra State Agri-Krushi Yantrikikaran Yojana. He shared the plan to boost the state’s renewable energy capacity to 50% of its total energy output by 2030.
Vineet Mittal, chairman of Avaada Group, stated, “Our pumped storage projects will not only provide round-the-clock (RTC) renewable power but also enhance grid stability by integrating more solar and wind energy. This is part of our broader commitment to Maharashtra, where we are actively pursuing solar, wind hybrid, and other innovative projects to meet the state’s growing energy needs and reduce its carbon footprint.”
Besides pumped storage, Avaada is developing decentralized agricultural solar PV projects, solar and wind hybrid installations, and green hydrogen initiatives across Maharashtra. It was recently awarded 1,138 MW of decentralized agricultural solar PV projects under Mukhyamantri Saur Krushi Vahini Yojana 2.0 in the state.
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