Strategic Move to Enhance Renewable Energy Capacity in Maharashtra
Avaada Group, a leader in green energy solutions, has signed a significant Memorandum of Understanding (MoU) with the Maharashtra government to develop two large-scale pumped storage projects (PSPs) with a combined capacity of 2.75 GW. This partnership marks a critical step towards bolstering Maharashtra’s renewable energy infrastructure and achieving the state’s ambitious energy goals.
The agreement encompasses the development of 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 Group, through its subsidiary Avaada Aqua Batteries, plans to invest approximately INR 14,000 crore over the next five to seven years to bring these projects to life.
The MoU was officially signed in the presence of Maharashtra’s Deputy Chief Minister, Devendra Fadnavis, and Avaada Group’s Chairman, Vineet Mittal. Fadnavis reaffirmed the Maharashtra government’s commitment to increasing investments in renewable energy, particularly through initiatives like the Maharashtra State Agri-Krushi Yantrikikaran Yojana. He also reiterated the state’s target to achieve 50% renewable energy capacity by 2030, emphasizing the critical role of these projects in reaching that milestone.
This collaboration between Avaada Group and the Maharashtra government is set to play a pivotal role in advancing the state’s renewable energy capacity and supporting India’s broader sustainability goals.
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