Avaada Group announces the signing of a Memorandum of Understanding (MoU) with the Government of Maharashtra for the development of two pioneering Pumped Storage Projects (PSPs) with a combined capacity of 2750 MW. This significant agreement not only cements Avaada’s role in Maharashtra’s energy landscape but also underscores the company’s unwavering commitment to advancing renewable energy across the state.
The MoU was formally signed between the Water Resources Department, Government of Maharashtra and Avaada Aqua Batteries Pvt Ltd, a subsidiary of Avaada Group. The signing ceremony was graced by Deputy Chief Minister of Maharashtra, Devendra Fadnavis, Avaada Group’s visionary Chairman, Vineet Mittal, and other dignitaries. This landmark agreement marks a pivotal moment in Maharashtra’s journey toward a sustainable and resilient energy future.
The two ambitious projects include the 1500 MW Pawana Falyan PSP in the Pune & Raigad districts and the 1250 MW Kumbhavade PSP in the Kolhapur & Ratnagiri districts. With a total investment of approximately INR 14,000 crore over the next 5-7 years, these projects are poised to play a transformative role in ensuring Maharashtra’s energy security and environmental sustainability.
On the occasion, Deputy Chief Minister of Maharashtra, Devendra Fadnavis, expressed his commitment to significantly increasing investments in renewable energy, with a special focus on the Maharashtra State Agri-Krushi Yantrikikaran Yojana (MSKY).
In his address, he outlined a visionary plan to boost the state’s renewable energy capacity to 50 percent of its total energy output by 2030. This initiative is a key pillar in Maharashtra’s strategy to meet the escalating energy demands and propel the state towards its goal of becoming a trillion-dollar economy through sustainable, green power solutions.
“Renewable energy is not just an alternative but a fundamental pillar of our future economic sustainability,” stated Devendra Fadnavis. “With the collaborative efforts of our strategic partners, we are committed to transforming Maharashtra into a leader in green energy. I commend Avaada for their significant commitment and partnership in these endeavors, which exemplify our collective efforts to enhance our energy capabilities,” he added.
The state’s commitment to enhancing its energy infrastructure through renewable sources reflects its proactive approach to fostering sustainable development and economic growth, the Minister further noted.
Commenting on this strategic development, Vineet Mittal, Chairman of Avaada Group, stated, “This MoU represents a monumental step forward in our mission to deliver cutting-edge renewable energy solutions. 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.”
Avaada Energy is not stopping at pumped storage; the company is also at the forefront of developing decentralized agricultural solar PV projects, solar and wind hybrid installations, and green hydrogen initiatives across Maharashtra. With projects like the recently awarded 1,138 MW decentralized agricultural solar PV initiative under Mukhyamantri Saur Krushi Vahini Yojana 2.0, Avaada is playing a crucial role in transforming the agricultural energy supply, ensuring uninterrupted daytime power for farmers, and driving the state’s transition to sustainable energy sources.
These projects are set to generate direct and indirect employment for over 3,000 individuals, contributing to the socio-economic upliftment of the regions. Moreover, the adoption of advanced pumped storage technology will significantly reduce carbon emissions, aligning with both state and national goals for a greener future.