Officials from the Indian state of Maharashtra signed several memoranda of understanding (MoUs) on Thursday, outlining plans for billions of dollars in investments in local renewable energy, pumped storage, and green hydrogen projects.
Deputy Chief Minister Devendra Fadnavis shared updates via social media, indicating that the Maharashtra State Power Generation Company (MAHAGENCO) and the state's Department of Water Resources entered into agreements with various companies, including REC Power Development and Consultancy Ltd, THDC India Ltd, Hindustan Petroleum Corporation Ltd, Power Grid Corporation of India Ltd, SJVN Ltd, Megha Engineering & Infrastructures Limited (MEIL), and JSW Neo Energy Ltd.
Forging a Green Future: Maharashtra Secures ₹47,000 Crore Investment with 4 Game-Changing MoUs!
Happy to witness the MoU signing between Mahagenco Renewable Energy Limited (MREL) with RECPDCL (REC Power Development and Consultancy Ltd), THDCIL-THDC India Ltd, HPCL-Hindustan… pic.twitter.com/gjcZzJaHr0
— Devendra Fadnavis (@Dev_Fadnavis) September 26, 2024
Separately, SJVN announced the signing of two MoUs for the development of 505 MW of floating solar parks and over 8 GW of pumped storage projects in Maharashtra. One of the agreements with MAHAGENCO involves the installation of a floating solar power system at the Lower Wardha Dam, which will be executed in two phases, starting with 100 MW.
The second MoU with the Department of Water Resources includes plans for five pumped-storage projects totaling 8,100 MW of capacity, featuring projects at Kolmondapada (800 MW), Sidgarh (1,500 MW), Chornai (2,000 MW), Baitarni (1,800 MW), and Jalvara (2,000 MW).
SJVN estimates a total investment requirement of INR 480 billion (USD 5.74 billion/EUR 5.14 billion), anticipating the creation of approximately 8,400 direct and indirect jobs. Additionally, MEIL will develop two pumped-storage hydro stations in Maharashtra with a combined capacity of 4,000 MW at a total cost of INR 211 billion.
