Avaada Group, a leading provider of green energy solutions, has signed a Memorandum of Understanding (MoU) with the Maharashtra government to develop two significant pumped storage projects (PSPs) with a total capacity of 2.75 GW.
The projects include the 1.5 GW PawanaFalyan PSP in Pune and Raigad districts and the 1.25 GW Kumbhavade PSP in Kolhapur and Ratnagiri districts. Avaada plans to invest approximately INR 14,000 crore over the next five to seven years to bring these projects to fruition.
The MoU was formalized between Avaada Aqua Batteries, a subsidiary of Avaada Group, and the Water Resources Department of Maharashtra. The signing took place in the presence of Maharashtra’s Deputy Chief Minister DevendraFadnavis and Avaada Group’s Chairman Vineet Mittal.
Devendra Fadnavis highlighted the state government’s dedication to boosting investments in renewable energy, particularly under the Maharashtra State Agri-KrushiYantrikikaranYojana, and reaffirmed the goal of increasing the state’s renewable energy capacity to 50% by 2030.
Vineet Mittal emphasized that the pumped storage projects would deliver round-the-clock renewable power while enhancing grid stability by integrating more solar and wind energy. He also noted Avaada’s broader commitment to Maharashtra through various solar, wind hybrid, and green hydrogen projects aimed at meeting the state’s energy needs and reducing its carbon footprint.
In addition to the pumped storage projects, Avaada is also developing decentralized agricultural solar PV projects, solar and wind hybrid installations, and green hydrogen initiatives across Maharashtra. The company recently secured 1,138 MW of decentralized agricultural solar PV projects under the Mukhyamantri Saur KrushiVahiniYojana 2.0 in the state.
