Sunday, May 22, 2022

JSW Energy inks MoU with Chhattisgarh govt for 1,000 MW Hydro Pumped Storage project

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  • JSW Energy, through its green growth vehicle JSW Neo Energy, has been expeditiously securing key resources for Hydro Pumped Storage projects in various resource-rich states
  • Developing energy storage capacities is critical for achieving India’s renewable ambitions, said Prashant Jain, Joint Managing Director and CEO of JSW Energy

Mumbai: JSW Energy Limited, through its wholly owned subsidiary, JSW Neo Energy, has entered into a Memorandum of Understanding (MoU) 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 Chhattisgarh, said the company in a statement on Friday. With rapid addition of renewable energy capacity in the country, development of energy storage solutions such as Hydro Pumped Storage Projects (PSP) has become essential to provide 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 developing 1,500 MW Hydro Pumped Storage Project in Maharashtra

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 upto 10 GW. Earlier, in FY22, JSW Energy had also signed an MoU with the government of Maharashtra for a 1,500 MW Hydro Pumped Storage Project and had received a Letter of Intent from the government of Rajasthan for 1,000 MW Hydro PSPs.

‘Energy storage critical for India’s RE ambitions’

Prashant Jain, Joint Managing Director and CEO of JSW Energy, said, “Developing energy storage capacities is critical for achieving India’s renewable ambitions. Our proven 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. By integrating Hydro PSPs with our solar and wind power plants in the near future, we can provide firm despatchable renewable power. This will enable us to enter energy services play in the country.”

JSW Energy has set an ambitious target for a 50 percent reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy. The company has set a target to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85 percent of its total capacity. 

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