In a boost to investment in Maharashtra during the pandemic, the state government’s Industry Department on Tuesday signed two MoUs under the Magnetic Maharashtra 2.0 initiative with JSW, worth Rs 35,500 crore in the renewable energy sector.
JSW Energy Ltd is the power business arm of JSW Group, a leading business conglomerate in India with 4,559 MW of operational thermal, hydro and solar power capacity, and is the largest independent Hydro Power Producer (IPP) in the country.
As per the MoUs, the company plans to invest Rs 35,500 crore in the state by setting up a hydro-based power project of 1,500 MW power generation in villages like Jammde, Kalbhonde and Kothale near Igatpuri in Nashik district, and wind power projects of 5,000 MW power generation across 1,870 hectares in Kolhapur, Solapur, Satara and Osmanabad. The project, which will take 18 months to start, will supply cheap and green renewable power round-the-clock and help Maharashtra decrease its reliance on non-renewable energy.
Industries Minister Subhash Desai promised handholding and regulatory support required for greening energy in the state for a sustainable future. “This huge investment inflow in the state will amount to a considerable increase in renewable energy sources. While generating employment for more than 10,000 people, these projects will also bring socio-economic development by promoting eco-tourism, skill development and the service sector,” he added.
“Maharashtra has consistently ensured strong performance across multiple investment parameters, even during and post-lockdown, under Magnetic Maharashtra 2.0, the state has managed to sign MoUs worth Rs 1,65,439 crore,” Desai added.
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