The Maharashtra government signed a Memorandum of Understanding (MoU) worth INR 8,000 crore with GSC Group of Singapore for the Panchmauli-Devalipada pumped storage hydroelectric project in Dhule and Nandurbar districts.
The Panchmauli-Devalipada project, with an installed capacity of 1.5 GW, is expected to create about 2,500 jobs, generating estimated annual revenue of over INR 1,100 crore for the state.
GSC is a Singapore-based group that owns and operates two hydroelectric projects in Sikkim, Jorethang Loop Hydroelectric Project (96 MW) and Tashiding Hydroelectric Project (97 MW). With this project, GSC has now signed its third set of pumped storage projects (PSPs) in the country after Chhadgada PSP (900 MW) in Uttar Pradesh and Jankhai PSP (1500 MW) in Madhya Pradesh.
The agreement was signed between Additional Chief Secretary Deepak Kapoor and GSC Group Chairman & Managing Director Sumit Nanda in the presence of Chief Minister Devendra Fadnavis.
Fadnavis said “The state government will establish a fast-track mechanism to ensure time-bound clearances for pumped storage hydroelectric projects, including water usage and environmental approvals.”
“Maharashtra’s geographical conditions, especially in Sahyadri mountain ranges, are favourable for developing pumped storage projects, which will help stabilise the power grid. The state has targeted setting up around 100 GW capacity through such projects to strengthen both the state and national power grids,” the chief minister added.
Kapoor said, “MoUs have been signed for 50 pumped storage projects so far, and efforts are underway to expedite their implementation. With the latest agreement, 51 projects are expected to generate 70,315 MW of electricity, attract INR 3.83 lakh crore in investments and create about 1.13 lakh employment opportunities.”
Sumit Nanda, GSC Group’s Chairman, said, “As India rapidly solarises, storage becomes the key challenge to solve and pumped storage hydropower stands out as the most proven, sustainable, and durable solution. At GSC, we remain deeply committed to advancing India’s renewable energy infrastructure through long-duration storage assets that can strengthen grid reliability for decades to come.”
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