JSW Energy Ltd. signs MoU with Maharashtra Government

JSW Energy Limited, through its wholly-owned subsidiary, JSW Neo Energy Limited, has entered into a Memorandum of Understanding with the Government of Maharashtra for setting up a 960 MW capacity Hydro Pumped Storage Project (PSP) viz. Pane (Raigarh) Pump Storage Project in the State of Maharashtra.
With the rapid addition of renewable energy capacity in the country, the development of energy storage solutions such as Hydro PSP become essential to solve intermittent power supply from renewables. Hydro Pumped Storage is a well-established technology that provides adequate peaking power reserves, reliable grid operation, and energy balancing and storage capacity. JSW Energy through its green growth vehicle JSW Neo Energy has been expeditiously securing key resources for Hydro PSPs in various resource-rich states for projects with a targeted capacity totalling up to 10 GW. With the signing of the aforesaid MoU, the Company has secured resources for ~6 GW hydro PSPs with the Governments of various states (Maharashtra, Chhattisgarh, Telangana, and Rajasthan).
JSW Energy’s platform capacity stands at ~9.1GW (share of renewables at 65%) including 1.75 GW renewable assets under acquisition from Mytrah and about 2.5 GW of under-construction/in-pipeline wind and hydro projects which are likely to be commissioned in phases over the next 12-24 months. Further, the company is well ahead of timelines in achieving its near-term capacity target of 10GW by FY25.
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