JSW Energy Signs ESFA for 1,500 MW / 12,000 MWh Pumped Hydro Storage

JSW Energy PSP Two Limited, a step-down subsidiary of JSW Energy Limited ("The Company") has signed Energy Storage Facility Agreement ("ESFA") with Maharashtra State Electricity Distribution Company Ltd ("MSEDCL") for procurement of 1,500 MW / 12,000 MWh of pumped hydro energy storage.

The ESFA is signed following our announcement of receiving the letter of intent on October 1, 2024. The ESFA is for supply of energy storage capacity for a period of 40 years where the company will be entitled to receive a fixed capacity charge of ₹84.66 lakhs per MW per annum. The Bhavali Pumped Hydro Project, situated in the Nashik and Thane districts of Maharashtra will feature an 8-hour discharge capacity with a maximum of 5 hours of continuous discharge. The project is expected to be commissioned in next 48 months.

Sharad Mahendra, Joint Managing Director and CEO of JSW Energy: "We are thrilled to sign our first energy storage facility agreement for a pumped hydro storage plant, marking a significant milestone in our journey towards becoming energy products and services company. By integrating advanced energy storage solutions, this project will not only enhance grid stability but also reinforce our commitment to provide sustainable and reliable power. Additionally, it will contribute to local area development by generating employment opportunities and fostering community resilience."

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.

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. 706.85 as compared to the previous close of Rs. 728.95. The total number of shares traded during the day was 94805 in over 5094 trades.

The stock hit an intraday high of Rs. 734.95 and intraday low of 705.20. The net turnover during the day was Rs. 67405240.00.

Source : Equity Bulls

Keywords

JSWEnergy INE121E01018 JSWEnergyPSPTwo ElectricUtilities ESFA MSEDCL