The Maharashtra government has entered into a Memorandum of Understanding (MoU) worth ₹8,000 crore with Singapore-based GSC Group for developing the 1,500 MW Panchmauli-Devalipada Pumped Storage Hydroelectric Project, spread across Dhule and Nandurbar districts. The large-scale hydroelectric project is projected to generate approximately 2,500 jobs and bring in annual revenues of over ₹1,100 crore for the state.
GSC Group, which currently operates the Jorethang Loop (96 MW) and Tashiding (97 MW) hydropower projects in Sikkim, is further expanding its footprint in India with this venture. The company has previously signed agreements for two other pumped storage projects — the 900 MW Chhadgada project in Uttar Pradesh and the 1,500 MW Jankhai project in Madhya Pradesh.
The MoU was formalized at Mumbai’s Sahyadri Guest House in the presence of Chief Minister Devendra Fadnavis. The agreement was signed by Additional Chief Secretary Deepak Kapoor and GSC Group Chairman and Managing Director Sumit Nanda.
Speaking at the event, Mr Fadnavis emphasized the state’s commitment to accelerating renewable energy development. “The government will implement a fast-track system to ensure timely clearances for pumped storage hydro projects, including water use and environmental approvals,” he said.
He added that Maharashtra’s natural topography, particularly the Sahyadri mountain ranges, makes it ideal for such projects. “We aim to establish around 1,00,000 MW capacity through pumped storage projects to enhance both state and national grid stability,” he noted.
Mr Kapoor highlighted the scale of ongoing efforts “So far, MoUs have been signed for 50 pumped storage projects, and we are working to speed up their execution. Together, these 51 projects will deliver 70,315 MW of capacity, attract ₹3.83 lakh crore in investments, and create approximately 1.13 lakh jobs.”
GSC Group’s Chairman, Sumit Nanda, underlined the growing importance of energy storage in India’s renewable transition “As India accelerates solar power adoption, energy storage becomes a critical challenge. Pumped Storage Hydropower is the most reliable and sustainable solution to address this need,” he said. “We are dedicated to supporting India’s clean energy future by developing long-duration storage assets that can ensure grid stability for decades,” Mr Nanda added.
