The Maharashtra government on Monday signed a Memorandum of Understanding (MoU) worth Rs 80 billion (Rs 8,000 crore) with GSC PSP Maha Pvt Ltd of Haryana for developing the Panchmauli–Devalipada Pumped Storage Hydroelectric Project in Dhule and Nandurbar districts. With an installed capacity of 1,500 MW, the project is expected to create about 2,500 jobs and contribute significantly to the state’s renewable energy portfolio. It will require around 19.29 TMC of initial water storage and 3.24 TMC annually for replenishment, generating an estimated Rs 11 billion (Rs 1,100 crore) in annual revenue for the state government. The MoU was signed in the presence of Chief Minister Devendra Fadnavis at Sahyadri Guest House, between Additional Chief Secretary Deepak Kapoor and GSC PSP Maha Pvt Ltd Chairman and Managing Director Sumit Nanda, according to an official release. Speaking at the event, Fadnavis said the government would create a fast-track clearance mechanism for pumped storage hydroelectric projects, ensuring time-bound approvals for water usage and environmental compliance. “Maharashtra’s geography, especially the Sahyadri mountain ranges, is ideal for developing pumped storage projects that will help stabilise the power grid. The state aims to establish about 100,000 MW of capacity through such projects to strengthen both the state and national grids,” he added. The Chief Minister also highlighted that Maharashtra is implementing Asia’s largest solar energy initiative to meet agricultural power needs through renewable sources. The project aims to generate 16 gigawatts (GW) of distributed solar capacity, significantly reducing reliance on conventional energy. Deepak Kapoor noted that MoUs have already been signed for 50 pumped storage projects, and efforts are being made to accelerate their implementation. “With this latest agreement, 51 projects are expected to generate 70,315 MW of electricity, attract Rs 3.83 trillion (Rs 3.83 lakh crore) in investments, and create approximately 113,000 jobs,” Kapoor said. The initiative underlines Maharashtra’s ambition to become a leader in renewable and hybrid power infrastructure, while enhancing grid reliability and promoting sustainable industrial growth.