Avaada Signs MoU To Develop 2750 MW Of PSPs In Maharashtra

Avaada Signs MoU To Develop 2750 MW Of PSPs In Maharashtra

Indian renewable project developer Avaada Group has now announced signing of a Memorandum of Understanding (MoU) with the Maharashtra government for the development of two Pumped Storage Projects (PSPs) with a combined capacity of 2,750 MW. This comes at a time when several leading companies in India like Adani Green, Greenko and others are showing increased interest for energy storage projects in the country.

The MoU was formally signed between the Water Resources Department of Maharashtra and Avaada Aqua Batteries Pvt Ltd, a subsidiary of Avaada Group. The signing ceremony was attended by the Maharashtra Deputy Chief Minister of Maharashtra Devendra Fadnavis, Avaada Group’s Chairman Vineet Mittal, and other dignitaries.

The two ambitious projects include the 1,500 MW Pawana Falyan PSP in the Pune and Raigad districts and the 1,250 MW Kumbhavade PSP in the Kolhapur & Ratnagiri districts. These two projects are slated to come up with a total investment of approximately Rs 14,000 crore over the next 5-7 years.

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. “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 also developing decentralized agricultural solar PV projects, solar and wind hybrid installations, and green hydrogen initiatives across Maharashtra. It was recently awarded 1,138 MW decentralized agricultural solar PV initiative under Mukhyamantri Saur Krushi Vahini Yojana 2.0.