JSW Energy and the Maharashtra government have signed a memorandum of understanding (MoU) through JSW Neo Energy, a wholly-owned subsidiary of JSW Energy.
The MoU is for the establishment of Pane (Raigarh) Pump Storage Project, a hydro-pumped storage project (PSP) in the state with a 960 MW capacity. JSW Energy has been procuring essential resources for Hydro PSPs in numerous resource-rich states for projects with a targeted capacity totaling up to 10 GW through its green growth vehicle JSW Neo Energy.
With the signing of the MoU, the company has secured funding from the governments of several states, including Maharashtra, Chhattisgarh, Telangana, and Rajasthan, for about six GW of hydro PSPs.
JSW Energy's platform capacity is about 9.1 GW (renewables account for 65 percent of total capacity); this includes 1.75 GW of renewable assets that the company is acquiring from Mytrah and about 2.5 GW of wind and hydropower projects that are currently under construction or in the pipeline and will likely be placed into operation in phases over the course of the next 12 to 24 months.
Prashant Jain, Joint Managing Director and CEO of JSW Energy, said, “We are pleased to actively engage in the high potential of Hydro PSPs in overcoming the problem of renewable power intermittency in a sustainable manner,”
As part of our effort to achieve 10GW of Hydro PSP capacity, the business is happy to have signed a second MoU with the Government of Maharashtra, he added.
JSW Energy was trading at Rs324.80 at around 2:21 PM, up 10.8% from its previous closing price of Rs293.15 on the BSE. The intraday high and low of the stock were Rs. 331.15 and Rs. 298.50, respectively.