Avaada Group to set up 2 pumped storage power projects worth Rs 14k cr

Avaada Group on Monday announced that it has inked an agreement to develop two pumped storage power projects with combined capacity of 2,750 MW, entailing an investment of Rs 14,000 crore.

The agreement was signed between the Water Resources Department, Government of Maharashtra, and Avaada Aqua Batteries Pvt Ltd, a subsidiary of Avaada Group, in the presence of Maharashtra Deputy Chief Minister Devendra Fadnavis and Avaada Group's Chairman Vineet Mittal, according to a company statement.

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 include the 1,500 MW Pawana Falyan PSP in the Pune & Raigad districts and the 1,250 MW Kumbhavade PSP in the Kolhapur & 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.