Daijiworld Media Network - Mumbai

Mumbai, Nov 3: The Maharashtra government on Monday signed a memorandum of understanding (MoU) worth Rs 8,000 crore with GSC PSP Maha Private Limited for the Panchmauli–Dewalipada Pumped Hydropower Project in the Dhule–Nandurbar region.

The agreement, inked in the presence of chief minister Devendra Fadnavis, marks a major step toward strengthening the state’s renewable energy capacity and stabilising its power grid.

The project, with an installed capacity of 1,500 MW, is expected to generate around 2,500 direct jobs. It will utilise 19.29 TMC of water for initial storage and 3.24 TMC annually for replenishment. The state anticipates revenue of Rs 1,762.21 crore from the initial water recharge and Rs 1,128.32 crore from annual recharges, according to an official statement.

CM Fadnavis said the government will create a fast-track clearance mechanism to help investors secure necessary licenses and environmental permissions swiftly.

Highlighting Maharashtra’s natural advantage, Fadnavis said, “The Sahyadri mountain ranges offer ideal conditions for pumped storage projects. We’ve set an ambitious goal to develop 1,00,000 MW of pumped storage capacity to ensure grid stability for both Maharashtra and the national grid.”

He also emphasised the state’s focus on solar energy expansion, noting that Maharashtra is executing Asia’s largest solar energy project, targeting a distributed capacity of 16,000 MW to power the entire agricultural sector through solar-based systems.

“With the combination of solar and pumped hydropower initiatives, Maharashtra will emerge as a national leader in renewable and sustainable energy,” the Chief Minister said.

Water Resources Department Additional Chief Secretary Deepak Kapoor informed that the state has already signed 50 MoUs for pumped hydropower projects, expected to collectively generate 70,315 MW of power, attract Rs 3.83 lakh crore in investments, and create nearly 1.14 lakh jobs.