13 April,2026 07:18 PM IST | Mumbai | mid-day online correspondent
Pic/X
The Maharashtra government on Monday signed a key Memorandum of Understanding (MoU) with Novarion Energy for the development of the âRanavadi off-stream close-loop pumped storage project' spanning Pune and Raigad districts, marking a significant push toward clean energy generation in the state.
The agreement was signed by the Water Resources Department in the presence of Chief Minister Devendra Fadnavis, along with senior ministers and officials.
The Ranavadi project is expected to generate 1,200 megawatts (MW) of electricity, contributing substantially to Maharashtra's renewable energy portfolio. The project will be developed with an estimated investment of Rs 5,760 crore.
Officials highlighted that the initiative aligns with the state's broader strategy to enhance sustainable power generation while reducing dependence on conventional energy sources.
In addition to strengthening energy infrastructure, the project is expected to generate around 1,500 direct and indirect employment opportunities. This is seen as a boost for local economies in Pune and Raigad districts, particularly in construction, operations, and allied sectors.
The Ranavadi project is one of 56 pumped storage projects currently being pursued across Maharashtra. These projects collectively aim to generate a massive 79,415 MW of clean energy capacity.
The state government estimates that the entire pipeline of pumped storage initiatives will attract investments worth approximately Rs 4.22 lakh crore and create employment opportunities for nearly 1.29 lakh people.
The MoU signing ceremony was attended by key members of the state cabinet, including Girish Mahajan and Radhakrishna Vikhe Patil, along with other senior dignitaries.
Chief Minister Devendra Fadnavis described the project as a major step toward ensuring energy security and accelerating Maharashtra's transition to clean and sustainable power sources.
Pumped storage projects are considered crucial for balancing power supply, especially with the increasing share of renewable energy such as solar and wind. These systems store excess electricity during low demand and release it during peak hours, ensuring grid stability.
