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Maharashtra government on Tuesday signed MoUs with seven companies for investment worth Rs 2.14 lakh crore for pumped storage projects in the hydro power sector while these projects are expected to generate 40,870 MW of power and create 72,000 jobs in the state. 

Deputy Chief Minister and Power Minister Devendra Fadnavis said the goal of a $3 trillion economy of Maharashtra will be accelerated with the proposed investment in these projects. 

The companies, which signed MoUs, included NTPC, Welspun New Energy, NHPC, Renew Hydro Power, THDC India, Torrent Power and Adani Green Energy.

“In Maharashtra, 46,000 MW of power is generated at present and with these projects, an additional 40,870 MW will be generated with the proposed investment of Rs 2.14 lakh crore. The goal of a $3 trillion economy of the state will be accelerated. The implementation of these MoUs will be done speedily. This will create more than 72 thousand new jobs,” said Fadnavis.

Fadnavis said that the power will be generated sustainably using natural resources. “The Western Ghats in the state have special biodiversity. There are many places where energy will be used for cold storage. Government and the private sector will eagerly cooperate in the completion of these agreements. The development of these projects will help in sustainable power generation and economic growth for the state,” he added.

The Water Resources Department Additional Chief Secretary Deepak Kapoor said that NTPC will invest Rs 9,078 crore for the project to generate 1,800 MW of power and create 1,400 jobs. Welspun New Energy will make an investment of Rs 5,000 crore for the 1,200 MW project and create 1,500 jobs.

Further, NHPC will invest Rs 44,100 crore to set up a 7,350 MW project which will lead to the creation of 7,350 jobs. Renew Hydro Power will make an investment of Rs 13,100 crore to develop a project with a generation capacity of 2,600 MW and create 5,000 jobs.

THDC will invest Rs 33,622 crore for the 6,790 MW project which will create 6,300 jobs. Torrent Power will invest Rs 28,000 crore for the setting up of a project with a generation capacity of 5,600 MW and the creation of 13,500 jobs.