The Maharashtra government has signed MoUs with several companies to develop pumped storage hydroelectric projects, with an investment of Rs 23,800 crore and the potential to create 11,500 work opportunities.

Chief Minister Devendra Fadnavis announced that the state aims to become India's pumped storage hub, having already achieved a potential generation capacity of 76,115 MW through such projects. The new initiatives will add 5,800 MW to Maharashtra's power capacity. These projects include the Western Ghats Pumped Storage Project (Pune, Raigad), Koyna Stage-6 (Satara), and the Sarovar Pumped Storage Project (Ahilyanagar), with collaborations involving JSW Neo Energy, Mahagenco Renewable Energy, and New Asian Infrastructure Development.

CM Fadnavis highlighted Maharashtra's natural advantage from the Western Ghats and its network of large dams, emphasising that pumped storage is vital for balancing renewable energy’s unpredictability.