Avaada Group to set up two 2,750 MW pumped storage power projects at a cost of Rs 14,000 crore

12 Aug 2024

Avaada Group today said it has signed an agreement to develop two pumped storage power projects with a combined capacity of 2,750 MW, involving an investment of Rs 14,000 crore. The agreement was signed between the Water Resources Department of the Maharashtra Government and Avaada Aqua Batteries Pvt. Ltd. in the presence of Maharashtra Deputy Chief Minister Devendra Fadnavis and Avaada Group Chairman Vineet Mittal, as per a company statement.

The company stated that this agreement not only strengthens Avaada's role in Maharashtra's energy landscape but also underscores its unwavering commitment to advance renewable energy across the state. These two projects include the 1,500 MW Pavana Phalyan PSP in Pune and Raigad districts and the 1,250 MW Kumbhavade PSP in Kolhapur and Ratnagiri districts.

With a total investment of about Rs 14,000 crore over the next 5–7 years, these projects are set to play a transformational role in ensuring Maharashtra's energy security and environmental sustainability, it added. "Renewable energy is not just an option but a fundamental pillar of our future economic sustainability," Fadnavis said.