State-owned power producer NHPC Ltd has signed an agreement with the Maharashtra government to build pumped storage hydro projects totalling 7,350 MW capacity with an investment of Rs 44,000 crore.

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The MoU (memorandum of understanding) envisages development of four pumped storage projects aggregating to a total capacity of 7,350 MW, namely Kalu - 1,150 MW, Savitri - 2,250 MW, Jalond - 2,400 MW and Kengadi -1,550 MW, a power ministry statement said.

Other renewable energy source projects too will be developed in the state under the agreement, it stated.

"A memorandum of understanding has been signed between NHPC Limited and department of energy, government of Maharashtra, for the development of pumped storage schemes and other renewable energy source projects in Maharashtra," it said.

The MoU entails harnessing the pumped storage projects as energy storage solutions to help achieve the national objective of energy transition, i.e., to have 500 GW of installed capacity of renewable energy by 2030 and become net zero by 2070.

NHPC Chairman and Managing Director R K Vishnoi expressed his gratitude to the government of Maharashtra for reposing their trust in NHPC for development of pumped storage schemes in the state.

He said in the statement that this will be a stepping start for NHPC in Maharashtra.

These projects will attract an investment of about Rs 44,000 crore and generate indirect and direct employment for 7,000 people in the state, he added.

The MoU was signed in the presence of Maharashtra's deputy chief minister Devendra Fadnavis.

The MoU was signed by Director (Projects), NHPC, Biswajit Basu, and Principal Secretary (Energy), Department of Energy, Maharashtra, Abha Shukla.

Pumped storage system utilises surplus grid power available from thermal power stations or other sources to pump up water from lower to upper reservoir and reproduces power during peak demand when there is scarcity of power.

NHPC Ltd is a central public sector enterprise and is the largest hydropower development organisation in the country with capabilities to undertake all the activities from conceptualisation to commissioning of hydro projects.

NHPC has also diversified in the fields of solar & wind energy development. The company is mandated to plan, promote and organise an integrated and efficient development of power in all its aspects through conventional and non-conventional sources in India and abroad.