"Avaada Group to Invest ₹14,000 Crore in Two Pumped Storage Power Projects"

Avaada Group has announced a major investment in Maharashtra's energy sector, with plans to develop two pumped storage power projects totaling 2,750 MW. The projects will require a combined investment of ₹14,000 crore.

The agreement was formalized between 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 Avaada Group Chairman Vineet Mittal.

The two planned projects include the 1,500 MW Pawana Falyan Pumped Storage Project (PSP) in the Pune and Raigad districts and the 1,250 MW Kumbhavade PSP in the Kolhapur and Ratnagiri districts. The projects are expected to be developed over the next 5-7 years and will significantly enhance Maharashtra's energy security and promote environmental sustainability.

In a statement, Avaada Group highlighted that the agreement reaffirms its commitment to advancing renewable energy in Maharashtra. Deputy Chief Minister Fadnavis emphasized the critical role of renewable energy in ensuring long-term economic sustainability.

BS