Avaada Group has formalized a Memorandum of Understanding (MoU) with the Government of Maharashtra to develop two Pumped Storage Projects (PSPs) with a combined capacity of 2750 MW. The MoU was signed by the Water Resources Department and Avaada Aqua Batteries Pvt Ltd, a subsidiary of Avaada Group, in the presence of Maharashtra Deputy Chief Minister Devendra Fadnavis, and Avaada Group Chairman Vineet Mittal.

Devendra Fadnavis, at the signing ceremony, reaffirmed the state's commitment to scaling up its renewable energy resources, outlining a target to achieve 50 Percentof its total energy output from renewable sources by 2030. He emphasized the role of renewable energy in the economic sustainability of the state, saying, "With the collaborative efforts of our strategic partners, we are committed to transforming Maharashtra into a leader in green energy."

Vineet Mittal highlighted the strategic importance of these projects in Avaada's operational portfolio, stating, "Our pumped storage projects will not only provide Round the Clock (RTC) renewable power but also enhance grid stability by integrating more solar and wind energy."

Beyond pumped storage, Avaada Energy is spearheading several other renewable initiatives in Maharashtra, including decentralized agricultural solar PV projects and solar and wind hybrid installations. One notable project under the company's belt is the 1,138 MW decentralized agricultural solar PV initiative under Mukhyamantri Saur Krushi Vahini Yojana 2.0, aimed at providing uninterrupted daytime power to farmers and bolstering the state's push towards sustainable energy sources.

The implementation of these projects is expected to create over 3,000 direct and indirect jobs, contributing significantly to the socio-economic development of the region.

Additionally, the use of advanced pumped storage technology is anticipated to substantially reduce carbon emissions, aligning with the state and national objectives for a sustainable future