JSW Neo Energy to set up hydro pumped storage project in Chhattisgarh

JSW Energy arm JSW Neo Energy has inked a pact with the Chhattisgarh government for setting up a 1,000 MW capacity hydro pumped storage project.

With rapid addition of renewable energy capacity in the country, development of energy storage solutions such as hydro pumped storage projects (PSPs) become essential due to intermittent power supply from renewables, the company said in a statement.

Hydro pumped storage is a well-established technology that provides adequate peaking power reserves, reliable grid operation, and energy balancing and storage capacity, it added.

"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...," the statement said.

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, it stated.

Earlier in FY22, the company signed a pact 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, "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 said it has set an ambitious target for 50 per cent reduction in carbon footprint by 2030 and achieving carbon neutrality by 2050 by transitioning towards renewable energy.

The company aims to reach 20 GW capacity by 2030, with the share of renewable energy increasing to 85 per cent.