Avaada and Maharashtra Govt. Sign 14,000 Cr. Pumped Storage Projects MoU
Avaada Aqua Batteries Private Limited, a subsidiary of the Avaada Group and the Water Resources Department of Maharashtra Government signed a Memorandum of Understanding (MoU) for the development of two Hydro Pumped Storage Projects (PSPs), with an investment of Rs. 14,000 crore over the next 5-7 years.
2,750 MW of Pumped Storage Projects to be set up in Pune and Kolhapur
Avaada signed an MoU for two Pumped Storage Projects with a total capacity of 2,750 MW. One of the PSPs will be Pawana Falyan PSP of 1,500 MW, will be situated in Pune and Raigad districts of Maharashtra. The other PSP, of 1,250 MW Kumbhavade PSP will be developed in Kolhapur and Ratnagiri districts of Maharashtra.
During the signing of the MoU, Mr. Devendra Fadnavis, Deputy Chief Minister of Maharashtra, said, “With the collaborative efforts of our strategic partners, we are committed to transforming Maharashtra into a leader in green energy”. Mr. Vineet Mittal, Chairman, Avaada Group, who was also present during the MoU signing, commented “Our pumped storage projects will not only provide Round the Clock (RTC) renewable power but also enhance grid stability by integrating more solar and wind energy”.
Green Hydrogen, Solar among Avaada Group’s Other Projects in Maharashtra
Avaada had previously signed several key MoUs with the Maharashtra government. In February 2024, Avaada was one of the seven players which had signed MoUs collectively worth Rs. 2,76,300 crore with Maharashtra state government for setting up Green Hydrogen generation plants in the state. Out of this, Avaada Green Hydrogen Pvt. Ltd. and Bafna Solar & Infra. Pvt. Ltd. had jointly signed an MoU worth Rs. 50,000 crore.
Earlier in March, 2024, Avaada had secured an order from Maharashtra State Electricity Board (MSEB) Solar Agro Power Ltd. (MSAPL) to develop 1,138 MW of solar power projects across Maharashtra by 2025. These projects, which are to be developed at an estimated cost of Rs. 5,000 crore, are under Mukhyamantri Saur Krushi Vahini Yojana 2.0.
Apart from this, in April 2023, Avaada had secured an order to supply 400 MW of solar power to Maharashtra State Electricity Distribution Company’s (MSEDCL).
About Avaada Group: Avaada Group provides Renewable Energy products and solutions, which is headquartered in Mumbai. In FY-23, revenue from operations for Avaada Group was Rs. 637.86 crore.
