Maharashtra's Renewable Leap: Major Investments in Pumped Storage Projects

The Maharashtra government has taken a significant step towards boosting renewable energy by signing four key Memoranda of Understanding (MoUs) with private companies on Tuesday. These agreements, valued at Rs 31,955 crore, aim to develop pumped storage hydroelectric projects (PSPs) to generate 6,450 MW of power, creating 15,000 jobs in the process.

In a formal event attended by Chief Minister Devendra Fadnavis at Vidhan Bhavan, the state legislature complex, the projects were highlighted as crucial to Maharashtra's renewable energy strategy. Fadnavis emphasized the state's leadership in the pumped storage sector, contributing to the broader national goal of net-zero carbon emissions. The state targets over 50% electricity generation from renewable sources by 2030, with particular emphasis on solar and pumped storage for grid stability.

The signed MoUs include projects by Greenko MH-01 IREP Pvt Ltd, Adani Hydro Energy Ten Ltd, Rithwik Kolhapur PSP Pvt Ltd, and Waterfront Construction Pvt Ltd. Each project promises substantial power production and job creation, making Maharashtra a key player in India's green energy landscape. The state is poised for further growth with a long-term target of 1,00,000 MW PSP capacity.

(With inputs from agencies.)