Avaada Group revealed that it has secured an agreement to develop two pumped storage power projects on Monday, which will have a total capacity of 2,750 MW. The projects will involve an investment of Rs 14,000 crore.
The agreement was signed by the Water Resources Department of the Government of Maharashtra and Avaada Aqua Batteries Pvt Ltd, a subsidiary of Avaada Group. The signing ceremony was attended by Maharashtra Deputy Chief Minister Devendra Fadnavis and Vineet Mittal, Chairman of Avaada Group, as stated in a company announcement.
This agreement not only cements Avaada's role in Maharashtra's energy landscape but also underscores the company's unwavering commitment to advancing renewable energy across the state, the company said.
The two projects encompass the 1,500 MW Pawana Falyan Pumped Storage Project in the Pune and Raigad districts, and the 1,250 MW Kumbhavade PSP in the Kolhapur and Ratnagiri districts.
With a total investment of approximately Rs 14,000 crore over the next 5-7 years, these projects are poised to play a transformative role in ensuring Maharashtra's energy security and environmental sustainability, it stated.
"Renewable energy is not just an alternative but a fundamental pillar of our future economic sustainability," said Fadnavis.
(With Inputs From PTI.)
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