A memorandum of understanding has been signed for development of a pumped storage hydropower project in Maharashtra with an estimated investment of Rs. 10,217 crore.

The project will contribute to grid stability by providing energy storage and peak load support.

Officials said pumped storage projects are critical for integrating renewable energy into the grid.

The facility will operate by storing excess electricity during low-demand periods and releasing it during peak demand.

Implementation will proceed after feasibility studies and regulatory clearances.