Maharashtra’s green revolution: Avaada Group to invest Rs 14,000cr in 2.7GW pumped storage projects

Avaada Group, a prominent player in the renewable energy sector, has announced a landmark agreement with the Government of Maharashtra for the development of two major Pumped Storage Projects (PSPs) with a total capacity of 2750 MW. This move underscores Avaada’s commitment to driving Maharashtra’s transition to a green energy future, with an investment of INR 14,000 crore planned over the next five to seven years.

Key Agreement Details

The Memorandum of Understanding (MoU) was signed between the Water Resources Department of Maharashtra and Avaada Aqua Batteries Pvt Ltd, a subsidiary of Avaada Group. The signing ceremony was attended by the Hon’ble Deputy Chief Minister of Maharashtra, Shri Devendra Fadnavis, and Avaada Group’s Chairman, Shri Vineet Mittal. This agreement marks a significant step in the state’s journey towards sustainable energy.

Pumped Storage Projects

The two PSPs are the 1500 MW Pawana Falyan PSP, located in the Pune and Raigad districts, and the 1250 MW Kumbhavade PSP, situated in the Kolhapur and Ratnagiri districts. These projects are expected to play a crucial role in bolstering Maharashtra’s energy security and supporting its environmental goals. The substantial investment will enhance the state’s capability to meet growing energy demands while promoting green energy solutions.

Maharashtra’s Renewable Energy Ambitions

Deputy Chief Minister Shri Devendra Fadnavis emphasized the state’s determination to increase its renewable energy investments. He highlighted a strategic plan to elevate Maharashtra’s renewable energy capacity to 50 percent of its total energy output by 2030. This ambitious plan is part of the broader goal to advance Maharashtra’s economic growth and achieve a trillion-dollar economy through sustainable energy solutions.

“Renewable energy is integral to our future economic sustainability,” said Shri Fadnavis. “With our strategic partners, we aim to transform Maharashtra into a leader in green energy. Avaada’s commitment and partnership are key to enhancing our energy capabilities and meeting our sustainability goals,” he added.

Avaada Group’s Broader Vision

Avaada Group’s commitment extends beyond the pumped storage projects. The company is also leading initiatives in decentralized agricultural solar PV projects, solar and wind hybrid installations, and green hydrogen technologies. Notably, Avaada has been awarded a 1,138 MW decentralized agricultural solar PV project under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, which aims to provide reliable daytime power to farmers and support the state’s transition to renewable energy.

These projects are anticipated to create over 3,000 direct and indirect jobs, contributing to regional socio-economic development. Additionally, the advanced pumped storage technology will reduce carbon emissions, aligning with both state and national environmental objectives.

Avaada Group’s Global Position

Avaada Group is at the forefront of the global energy transition, focusing on renewable energy generation, solar PV manufacturing, and green fuels such as green ammonia, green methanol, and sustainable aviation fuel. Under the leadership of Shri Vineet Mittal, Avaada aims to achieve an installed capacity of 11 GWp by 2026. The company’s robust track record and international investments, including a US $1.3 billion commitment in 2023, solidify its position as a key global energy player.