Avaada Group has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for two pumped storage projects (PSPs) totaling 2.75 GW capacity.
The projects include:
1.5 GW Pawana Falyan PSP in Pune and Raigad districts.
1.25 GW Kumbhavade PSP in Kolhapur and Ratnagiri districts.
Total investment is estimated at INR 14,000 crore over the next 5-7 years.
Maharashtra aims to increase its renewable energy capacity to 50% of total output by 2030.
Vineet Mittal, chairman of Avaada Group, emphasized that these projects will provide round-the-clock renewable power and enhance grid stability by integrating more solar and wind energy.
Avaada is also pursuing various renewable initiatives, including decentralized agricultural solar PV projects and green hydrogen initiatives across Maharashtra.