Image Credits - businesstoday
Avaada Group has announced a major investment plan to develop two major pumped storage power projects with a combined capacity of 2,750 megawatts (MW). The total investment for these projects is projected to be ₹14,000 crore. This agreement was formalized on Monday between the Water Resources Department of Maharashtra and Avaada Aqua Batteries Pvt Ltd, a subsidiary of Avaada Group.
The signing ceremony was attended by Maharashtra’s Deputy Chief Minister, Devendra Fadnavis, and Vineet Mittal, Chairman of Avaada Group.
The pumped storage projects are expected to be developed over the next 5-7 years. They are envisioned to significantly contribute to Maharashtra’s energy security and environmental sustainability. The projects will harness the potential of pumped storage technology to balance energy supply and demand, improve grid stability, and support the integration of renewable energy sources.
Deputy Chief Minister Devendra Fadnavis emphasized the importance of renewable energy, stating, “Renewable energy is not just an alternative but a fundamental pillar of our future economic sustainability.” The investment is seen as a step towards reinforcing the state’s energy infrastructure and aligning with broader goals of reducing carbon emissions and promoting sustainable development.
The pumped storage projects are designed to store energy during periods of low demand and release it during peak demand, making them a valuable asset for managing intermittent renewable energy sources such as solar and wind. Avaada Group’s significant investment reflects its commitment to advancing renewable energy solutions and supporting India’s transition towards a greener energy future.