JSW Energy signs 1,000 MW Hydro Pumped Storage MoU with Chhattisgarh Government; stock zooms ~5%

4 Apr 2022 , 11:32 AM

JSW Energy Limited has entered into a Memorandum of Understanding through its wholly-owned subsidiary, JSW Neo Energy, with the Government of Chhattisgarh for setting up a 1,000 MW capacity of Hydro Pumped Storage Project viz. Hasdev Bango Pumped Storage Project, in the State of Chhattisgarh.

Development of energy storage solutions such as Hydro Pumped Storage Projects (PSP) has become essential to solving intermittent power supply from renewables. Hydro Pumped Storage is a well-established technology that provides adequate peaking power reserves, energy balancing, reliable grid operation, and storage capacity.

JSW Energy has been expeditiously securing key resources for Hydro PSPs, through its green growth vehicle, in various rich states for projects with an estimated capacity upto 10 GW. The company has also signed MoU with the Government of Maharashtra for 1,500 MW and a Letter of Intent with the Rajasthan Government for 1,000 MW Hydro PSPs.

“It is crucial to develop energy storage capacities to achieve India’s renewable ambitions. Our unmatched excellence in safely building hydro plants and operating the largest hydro portfolio in the private sector has uniquely enabled us to develop Hydro PSPs in the country. We can provide firm dispatchable renewable power by integrating Hydro PSPs with our solar and wind power plants soon. This will enable us to expand our reach to energy services play in the country,” commented Joint Managing Director and CEO of JSW Energy.

JSW Energy has set an ambitious target for a 50% reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy.

JSW Energy is currently trading at Rs323.70 up by Rs15.4 or 5% from its previous closing of Rs308.30 on the BSE. The scrip opened at Rs319.90 and has touched a high and low of Rs323.70 and Rs310.05 respectively.