Maharashtra cabinet approves MAGESTIC scheme to boost renewable energy and storage by 2030

Mumbai: Maharashtra has taken a major step towards clean energy transition with the cabinet approving the ambitious MAGESTIC scheme, a Rs 12,303 crore programme aimed at sharply increasing renewable energy use, strengthening transmission infrastructure and building energy storage capacity across the state.Approved at a cabinet meeting chaired by chief minister Devendra Fadnavis, the Maharashtra: Accelerating Green Energy and Storage Technologies Integration in Connected (MAGESTIC) Grid scheme seeks to raise the share of renewable energy in the state's energy mix from the current 17% to 50% by 2030.The project is designed to address rising electricity demand while ensuring that the grid is capable of absorbing a much larger volume of renewable power. It includes the construction of 40 new substations, expansion of transmission capacity, installation of high-efficiency conductors and modernisation of the existing transmission network.A key feature of the scheme is the planned Battery Energy Storage System capacity of 16,000 MW-hours, which is expected to improve grid stability and support the integration of intermittent renewable sources such as solar and wind. Technical assistance and studies will also be undertaken for pumped hydro power projects at Koyna, Panshet, Varasgaon and other locations.The cabinet has also approved forwarding the preliminary project report to the Department of Economic Affairs under the Central Government. Of the total project cost, around 70%, or Rs 8,616 crore, will be mobilised through a World Bank loan. The loan repayment will be undertaken by Mahavitaran, Mahatrance, Mahagenco and MREL.The remaining 30% will be raised by the concerned power utilities, while the state govt will provide Rs 1,377 crore as phased equity support to Mahavitaran between 2026 and 2031.The scheme will be implemented from 2026 to 2031, with a dedicated cell and project monitoring mechanism in the Energy Department to ensure timely execution and strengthen Maharashtra's long-term energy security.