Avaada Group has signed a Memorandum of Understanding with the Water Resources Department of the Government of Maharashtra to develop two pumped storage hydro projects with a total capacity of 3,650 MW. The planned investment for the projects is INR 151 billion, and they are expected to generate over 3,800 direct employment opportunities.
The two projects include the 2,400 MW Pawana Falyan and the 1,200 MW Sirsala pumped storage systems. According to the company, these initiatives aim to support grid balancing and enhance the availability of renewable energy in Maharashtra by providing round-the-clock power support.
“Maharashtra aims to become the Green Energy Hub of India. All signed MoUs must translate into swift execution on the ground, and the Government will ensure complete support to developers to fast-track these transformational projects,” said Devendra Fadnavis, Chief Minister of Maharashtra.
“This agreement is a decisive step towards securing India’s clean energy future. Pumped storage solutions are pivotal for maintaining grid reliability and ensuring renewable energy availability round-the-clock,” said Vineet Mittal, Chairman, Avaada Group.
Avaada Group is involved in solar module manufacturing, renewable energy generation, and the production of green hydrogen, green ammonia, and sustainable fuels. The company is targeting 11 GWp of renewable capacity by 2026. In 2023, Avaada received a USD 1.3 billion investment from Brookfield’s Energy Transition Fund and GPSC, a subsidiary of Thailand’s PTT Group.