The Maharashtra state cabinet has approved a five-year ₹123.03 billion (~$1.48 billion) program to accelerate the deployment of renewable energy and storage.

The initiative, Maharashtra: Accelerating Green Energy and Storage Technologies in Connected Grid (MAGESTIC), focuses on addressing rising electricity demand through renewable sources and improving grid capacity.

Aligned with this goal, the government has also planned the construction of 40 new substations, expansion of transmission capacity, and installation of high-efficiency conductors. The program also includes the development of battery energy storage systems totaling 16,000 MWh of capacity.

Under the program, the state has set a target to increase the share of renewable energy in its power mix from 17% to 50% by 2030.

Additionally, the government will provide technical assistance for pumped storage projects at Koyna in Satara district, and Panshet and Varasgaon in Pune district.

The program will be financed by the World Bank up to 70%, amounting to ₹86.16 billion (~$1.04 billion). This loan will be implemented through the power transmission, distribution, and generation companies, as well as the Maharashtra State Electricity Distribution Company.

The remaining 30% of the funding will be supported by state power sector entities. The state government will provide up to ₹13.77 billion (~$165 million) in funding to distribution companies in phases between 2026 and 2031.

To support the program’s implementation, the state’s Energy Department will establish an independent cell and a project monitoring system.

The cabinet has also approved the preliminary MAGESTIC project report to the Union Government’s Department of Economic Affairs.

In the state budget, Maharashtra set a target of achieving 75% clean energy by 2047, with the 2026–27 budget outlining measures across solar deployment, rooftop solar subsidies, and pumped hydro development.

Under the Maharashtra Renewable Energy and Energy Storage Policy for FY 2026 to FY 2036, the state set a target to procure energy storage capacity equivalent to at least 100 GWh/day, or 10% of its power demand.