The Maharashtra cabinet has approved the Maharashtra Accelerating Green Energy and Storage Technologies Integration in Connected Grid (MAGESTIC) scheme to increase the share of renewable energy in the state’s energy mix from 17 per cent at present to 50 per cent by 2030.
The Rs 123.03 billion scheme will include the development of 40 new substations, expansion of transmission capacity, installation of high-efficiency conductors, modernisation of the transmission network, and deployment of 16,000 MWh of battery energy storage system capacity. Around 70 per cent of the project cost, amounting to Rs 86.16 billion, is proposed to be funded through a World Bank loan, while the remaining 30 per cent will be raised by the concerned power utilities. The state government will also provide Rs 13.77 billion as phased equity support to Mahavitaran between 2026 and 2031.