Mumbai, Nov 3 (NationPress) The Maharashtra government has officially signed a Memorandum of Understanding (MoU) with GSC PSP Maha Private Limited for an investment of Rs 8,000 crore, aimed at the Panchmauli-Dewalipada Pumped Hydropower Project located in Dhule/Nandurbar.

This agreement was finalized in the presence of Chief Minister Devendra Fadnavis.

The Chief Minister announced that a ‘fast-track’ mechanism will be established to facilitate investors in obtaining all necessary licenses, including water usage and environmental clearances, promptly.

Approximately 2,500 jobs are expected to be created as a result of this project, which will boast an installed power capacity of 1,500 MW.

The project will require an estimated 19.29 TMC of water for initial storage and 3.24 TMC annually for replenishment. The anticipated revenue from the water recharge initiatives is projected at around Rs 1,762.21 crore at industrial rates for the first recharge and approximately Rs 1,128.32 crore for annual recharge, as stated in the government’s release.

CM Fadnavis remarked that Maharashtra is well-positioned due to its geographical advantages for implementing pumped storage projects, particularly in the Sahyadri mountain ranges.

“Consequently, the state government has resolved to expedite the pumped storage projects (PSP) policy to stabilize the power grid. A goal has been set to develop pumped storage projects with a capacity of about 1,00,000 MW for grid stability. This will enhance not only Maharashtra’s capacity but also support the national power grid,” he highlighted.

“Maharashtra is forging a new path in the realm of solar energy. The state government is spearheading Asia's largest solar energy initiative, which aims to transition the entire energy demand of the agricultural sector to solar power. This project will establish a distributed solar energy capacity of 16,000 MW, significantly reducing reliance on traditional energy sources,” the Chief Minister stated.

According to him, with these solar and pumped hydropower projects, Maharashtra is set to emerge as a leader in renewable energy in India, progressing toward environmentally-friendly and sustainable energy generation.

Deepak Kapoor, the additional chief secretary for the water resources department, added that the government has inked MoUs for 50 Pumped Hydropower Projects, with necessary initiatives underway for their swift implementation. He noted that 70,315 MW of electricity is projected to be generated from 51 projects, leading to an investment of Rs 3.83 lakh crore and creating 1,13,990 jobs.