Maharashtra Signs MoUs Worth ₹31,955 Crore For 6,450 MW Pumped Storage Hydropower Projects, Aims 50% Renewable Energy By 2030

Mumbai: In a major step towards boosting renewable energy generation, the Water Resources Department of Maharashtra signed Memorandums of Understanding (MoUs) with four companies for pumped storage hydropower projects, in the presence of Chief Minister Devendra Fadnavis at the State Legislature Complex in Mumbai today.

These projects will have a combined power generation capacity of 6,450 MW, with a total investment of approximately ₹31,955 crore, and are expected to generate around 15,000 employment opportunities. The agreements mark Maharashtra’s continued leadership in the field of pumped storage systems in India.

Speaking at the event, CM Fadnavis said that under Prime Minister Narendra Modi’s vision of making India a “net-zero” emissions country, Maharashtra is moving steadily toward generating over 50% of its electricity from renewable sources by 2030. He emphasized that pumped storage projects, alongside solar power, will play a crucial role in ensuring grid stability and sustainable energy supply.

Maharashtra has already initiated significant investments in solar energy and is also exploring other renewable sources. The state’s rich biodiversity and favorable geography, particularly the Sahyadri mountain range, provide immense potential for pumped storage systems.

The Water Resources Department has set an ambitious long-term goal of developing 100,000 MW capacity through such projects. Given the enthusiastic response from private players, Fadnavis expressed confidence that this target is achievable.

Previously, the department signed agreements for 46 projects with 16 different agencies. With today’s MoUs, the total now stands at 50 projects, aiming for a combined generation capacity of 68,815 MW, with ₹3.75 lakh crore in investment and an estimated 1.11 lakh jobs.

Key Policy Highlights:

. Developers using reservoirs for pumped storage will pay the government annual lease charges per MW.

. They will also pay industrial water usage charges.

. Land lease will be charged as per prevailing market rates.

. Water Usage and Revenue Estimates:

. Initial water storage requirement: 19.29 TMC

. Annual recharge requirement: 3.24 TMC

. Estimated revenue for initial storage: ₹1,762.21 crore

. Annual recharge revenue: ₹1,128.32 crore

Ministers Radhakrishna Vikhe Patil, Girish Mahajan, and Ashok Uike were present at the signing ceremony, along with senior officials from the Water Resources Department.

This initiative is expected to accelerate Maharashtra’s transition to clean energy while simultaneously contributing to industrial growth, rural development, and employment generation.

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