Bhubaneswar: The state cabinet, chaired by chief minister Mohan Charan Majhi, on Monday approved the financial framework and cost of Rs 4,708.64 crore for the 600 MW Upper Indravati Pumped Storage Project at Ranibahal in Kalahandi district, setting a 2030-31 deadline for its commissioning.Chief secretary Anu Garg said the project would be executed through Odisha Hydro Power Corporation Ltd (OHPC). The cabinet approved the selection of Megha Engineering & Infrastructures Ltd (MEIL) as the engineering, procurement and construction (EPC) contractor following a tendering process.The overall project cost of Rs 4,708.64 crore, including GST, covers expenses such as consultancy, land acquisition, forest clearance and interest during construction. The project will have a debt-equity ratio of 80:20. OHPC will provide the 20% equity from its internal reserves in phases, while state govt will fund the remaining 80% through a soft loan linked to RBI repo rate.Once operational, the 600 MW facility is expected to generate around 1,040 million units (MU) of electricity annually during peak hours, while requiring about 1,283 MU of off-peak electricity for pumping.The pumped storage project will function as a large-scale energy storage facility, using surplus electricity during off-peak hours to pump water to a higher reservoir and generating power when demand peaks.The facility is also expected to help stabilise the state grid amid increasing integration of intermittent renewable energy by providing frequency response, managing load variations, maintaining spinning reserves and offering black-start capability.