Maharashtra Signs Rs 8,000 Cr MoU With GSC Group For 1,500 MW Hydropower Project
The Singapore-based firm will develop the Panchmauli-Devalipada pumped storage project in Dhule and Nandurbar, expected to generate 1,500 MW and boost local employment and revenue
The Maharashtra government has signed a Memorandum of Understanding (MoU) worth Rs 8,000 crore with Singapore-based GSC Group for developing the 1,500-megawatt Panchmauli-Devalipada Pumped Storage Hydroelectric Project across Dhule and Nandurbar districts.
The project is expected to create about 2,500 jobs and generate estimated annual revenue of more than Rs 1,100 crore for the state.
GSC Group currently operates two hydroelectric projects in Sikkim , the Jorethang Loop (96 MW) and the Tashiding (97 MW). The company has also signed two other pumped storage projects in India: the 900 MW Chhadgada project in Uttar Pradesh and the 1,500 MW Jankhai project in Madhya Pradesh.
The MoU was signed in the presence of Chief Minister Devendra Fadnavis at Sahyadri Guest House between Additional Chief Secretary Deepak Kapoor and GSC Group Chairman and Managing Director Sumit Nanda.
Fadnavis said the state government would establish a fast-track mechanism to ensure time-bound clearances for pumped storage hydroelectric projects, including water use and environmental approvals. He noted that Maharashtra’s geographical features, especially in the Sahyadri mountain ranges, made it an ideal location for developing such projects.
“The state has targeted setting up around 1,00,000 MW capacity through pumped storage projects to strengthen both the state and national power grids,” he said.
Kapoor added that MoUs had been signed for 50 pumped storage projects so far, and efforts were under way to accelerate 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 added.
Nanda 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.”
