The Maharashtra government has signed an MoU worth Rs 8,000 crore with GSC Group of Singapore for the Panchmauli-Devalipada Pumped Storage Hydroelectric Project. The mega hydroelectric project will come up in Dhule and Nandurbar districts.
GSC Group stated that the Panchmauli-Devalipada project, with an installed capacity of 1,500 MW, is expected to create about 2,500 jobs, generating estimated annual revenue of over Rs 1,100 crore for the state.
The agreement was signed in the presence of Chief Minister Devendra Fadnavis at Sahyadri Guest House between Additional Chief Secretary Deepak Kapoor and GSC Group Chairman & Managing Director Sumit Nanda.
Speaking on the occasion, CM 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 1,00,000 MW capacity through such projects to strengthen both the state and national power grids.” the CM 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 Rs 3.83 lakh crore in investments and create about 1.13 lakh employment opportunities.” he said.
Sumit Nanda, GSC Group’s Chairman said when asked for comment: “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.”
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.
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