Avaada Aqua Batteries, a wholly owned subsidiary of Avaada Group, has signed a memorandum of understanding (MoU) with the Rajasthan government to develop a 1.2 GW pumped storage project (PSP).
The project will be established in the Sirohi district of Rajasthan. On behalf of the Rajasthan government, the MoU was signed by the Energy Department, Government of Rajasthan. The total budget of the project is Rs 58 billion and will be constructed over the next five to seven years. The PSP project will provide round the clock renewable power and improve grid stability by integrating more solar and wind energy. The company has also secured financing through various sources for solar projects.