JSW Energy receives LoI for 1,500 MW / 12,000 MWh Pumped Hydro Storage

JSW Neo Energy Limited ('JSW Neo'), a wholly owned subsidiary of JSW Energy Limited ('The Company') has received Letter of Intent ('LoI') for procurement of 1,500 MW / 12,000 MWh of pumped hydro energy storage from Maharashtra State Electricity Distribution Company Ltd ('MSEDCL'). The Bhavali Pumped Hydro Project, situated in the Nashik and Thane districts, will feature an 8-hour discharge capacity with a maximum of 5 hours of continuous discharge. The LoI is for providing energy storage capacity for a period of 40 years.

Subsequent to this the company's locked-in energy storage capacity stands at 16.2 GWh which includes pumped hydro storage capacity of 14.4 GWh and battery energy storage capacity of 1.8 GWh.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy: "We are excited to announce the receipt of the LoI for the Bhavali pumped hydro project. Our proven expertise in constructing hydro plants and managing the largest private sector hydro portfolio uniquely positions us to develop hydro pumped storage projects. Often referred to as "Water Batteries," PSPs play a vital role in ensuring grid stability, integrating variable renewable energy sources, and promoting local development. These energy storage projects are crucial for achieving our NDC targets and are a perfect complement to modern clean energy systems. This project marks a significant step towards our goal of achieving 40 GWh of energy storage capacity by 2030 and becoming a comprehensive provider of energy products and services."

JSW Energy has total locked-in generation capacity of 18.2 GW comprising of 7.7 GW operational, 2.1 GW under-construction across wind, thermal and hydro and RE pipeline of 8.3 GW. The company also has 16.2 GWh of locked-in energy storage capacity through battery energy storage system and hydro pumped storage project. The Company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.

Shares of JSW Energy Limited was last trading in BSE at Rs. 723.55 as compared to the previous close of Rs. 733.00. The total number of shares traded during the day was 110556 in over 3431 trades.

The stock hit an intraday high of Rs. 737.20 and intraday low of 712.35. The net turnover during the day was Rs. 80060676.00.

Source : Equity Bulls

Keywords

JSWEnergy INE121E01018 ElectricUtilities JSWNeoEnergy LoI PumpedHydroEnergyStorage MSEDCL