In a major development for Maharashtra’s renewable energy sector, MAHAGENCO Renewable Energy (MAHAGENCO REL) has announced the signing of a memorandum of understanding (MoU) with the state’s Water Resources Department for the development of the 400 MW Koyna Stage-6 Pumped Storage Hydropower Project in Patan, Satara.
The agreement was formalized in the presence of Chief Minister Devendra Fadnavis, underscoring the state government’s commitment to expanding renewable energy infrastructure and strengthening the grid’s energy storage capabilities. The project, with an estimated investment of INR 2,800 crore, is expected to create approximately 2,500 direct and indirect jobs during its development and operational phases.
This initiative is aimed at supporting Maharashtra’s growing renewable energy mix, ensuring a reliable, flexible, and sustainable power supply across the state.
The Koyna Stage-6 project adds significantly to MAHAGENCO REL’s portfolio of pumped storage projects, bringing the company’s total proposed capacity in collaboration with the state government to 2,510 MW, which includes previously signed MoUs totaling 2,110 MW. The pumped storage facility will play a critical role in storing excess energy generated from renewable sources and supplying it to the grid when demand peaks, thereby enhancing overall grid stability and operational efficiency.
“This project marks a new chapter in advancing renewable, reliable, and flexible power infrastructure, supporting grid stability and accelerating MahaGenco REL’s journey toward a sustainable future. This MoU is not just an agreement – It is a commitment to shaping India’s energy landscape for the next generation,” stated Harshal Bhaskare, CEO, MAHAGENCO Renewable Energy, in a social media post.
The collaboration reflects the state government’s strategic focus on developing robust renewable energy infrastructure while highlighting MAHAGENCO REL’s ongoing commitment to delivering sustainable power solutions across Maharashtra. By leveraging the state’s natural hydrological advantages and the company’s expertise in pumped storage technology, the project is expected to strengthen the flexibility and resilience of Maharashtra’s electricity grid, supporting the state’s ambitions to integrate higher shares of renewable energy and reduce dependence on fossil fuel-based power generation.
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