Maharashtra inks Rs 8,000 crore deal for 1,500 MW pumped storage project

The Maharashtra government has entered into an Rs 8,000 crore agreement with GSC PSP Maha Pvt Ltd of Haryana to develop the Panchmauli-Devalipada pumped storage hydroelectric project across Dhule and Nandurbar districts. The 1,500 MW project is expected to generate around 2,500 jobs and contribute over Rs 1,100 crore in annual revenue to the state.

The MoU was signed in Mumbai in the presence of Chief Minister Devendra Fadnavis. Additional Chief Secretary Deepak Kapoor and GSC PSP Maha Pvt Ltd Chairman and Managing Director Sumit Nanda signed the agreement on behalf of their respective sides. The project will require 19.29 TMC of water for initial storage and 3.24 TMC annually for replenishment.

Fadnavis said the state will introduce a fast-track system for approvals to accelerate hydroelectric development, covering water use and environmental clearances. He noted that Maharashtra’s terrain, particularly the Sahyadri ranges, is well-suited for pumped storage systems that can support grid stability. The state aims to develop nearly 1,00,000 MW of capacity through such projects.

The Chief Minister added that Maharashtra is advancing its renewable goals through a large-scale solar programme designed to supply 16 GW of power for agricultural needs. Kapoor said the state has now signed 51 MoUs for pumped storage projects, which together are expected to generate over 70,000 MW, draw investments worth Rs 3.83 lakh crore, and create more than one lakh jobs.