Rs 12,303 crore approved

Mumbai, 29 Apr (HS): With the growing demand for

electricity Maharashtra Cabinet has cleared an ambitious project to boss

generation of green energy and connecting it grid. The project aimed at improving

share of renewable energy from 17 per cent to 50 per cent by 2030 is named Maharashtra:

Accelerating Green Energy and Storage Technologies Integration in Connected

Grid (MAGESTIC).

Besides improving generation and use of green energy

the transmission system will be made more effective by developing energy storage

technologies. The projects worth Rs 12,303 crore was approved by the Cabinet on

Wednesday, which include construction of new substations, laying transmission

lines, strengthening existing transmission lines, Battery Energy Storage System

(BESS) installation and technical support for hydroelectric projects. The

preliminary report will be send to the Department of Finance, Government of

India.

About 70 per cent of the funds required for the

project, Rs 8,616 crore, will be raised as a loan from the World Bank. The loan

will be repaid by MSEDCL, Maha-Transco, Mah Genco and MREL. The remaining 30%

will be raised by the respective power companies, with the government providing

Rs 1,377 crore as equity for MSEDCL in a phased manner from 2026 to 2031.

The scheme will be implemented from 2026 to 2031 and

a separate cell and project control system will be set up in the Power Division

for its effective implementation. The decision will strengthen the state's

green energy policy and is being seen as a major milestone for long-term energy

security.

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Hindusthan Samachar / Ajay Vasant Mardikar