JSW Energy Limited, through its wholly owned subsidiary, JSW Neo Energy, has entered into a Memorandum of Understanding 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.
With rapid addition of renewable energy capacity in the country, development of energy storage solutions such as Hydro Pumped Storage Projects (PSP) become essential to solve for intermittent power supply from renewables. Hydro Pumped Storage is a wellestablished 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 upto 10 GW. Earlier, in FY22, the Company had also signed a MoU with the Government of Maharashtra for 1,500 MW and a Letter of Intent with the Government of Rajasthan for 1,000 MW Hydro PSPs.
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% 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% of total. Around 2.5 GW of renewable projects are currently under-construction: 2.2 GW wind and solar projects, tied with SECI and JSW Group, are expected to be commissioned in the next 12 months, while the 240 MW Kutehr hydro project is expected to be commissioned within the next 30 months. The Company has signed Long Term PPA's for the entire 2.5 GW under-construction renewable projects, and the 225 MW solar plant (under group Captive) is nearing completion.
With the commissioning of these projects, the Company's total generation capacity will increase to ~7 GW, with the share of renewable energy increasing to about 55%. Further, the Company is evaluating opportunities for expansion into emerging energy businesses of battery energy storage, green hydrogen and energy products & services.
Shares of JSW Energy Limited was last trading in BSE at Rs. 308.30 as compared to the previous close of Rs. 298.90. The total number of shares traded during the day was 21037 in over 716 trades.
The stock hit an intraday high of Rs. 313.80 and intraday low of 298.05. The net turnover during the day was Rs. 6406425.00.