JSW Energy arm secures hydro storage project from MSEDCL

JSW Energy said that its wholly owned subsidiary, JSW Neo Energy received a letter of Intent (LoI) from Maharashtra State Electricity Distribution Company (MSEDCL) for procurement of 1,500 MW /12,000 MWh of pumped hydro energy storage.

The Bhavali Pumped Hydro project, located 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 companys 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 a total locked-in generation capacity of 18.2 GW, comprising 7.7 GW operational, 2.1 GW under construction across wind, thermal, and hydro, along with a renewable energy pipeline of 8.3 GW.

The company aims to achieve 20 GW of generation capacity and 40 GWh of energy storage capacity by 2030. Additionally, the company has set an ambitious target to achieve carbon neutrality by 2050.

Sharad Mahendra, joint managing director & CEO of JSW Energy, said, 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 is primarily engaged in the business of generation of power with principal places located at Vijayanagar (Karnataka), Ratnagiri (Maharashtra), Nandyal (Andhra Pradesh) and Salboni (West Bengal).

The power generation companys consolidated net profit jumped 79.99% to Rs 521.76 crore in Q1 FY25 as compared with Rs 289.88 crore recorded in Q1 FY24. However, revenue from operations fell by 1.65% YoY to Rs 2,879.46 crore June 2024 quarter.

Shares of JSW Energy slipped 1.53% to currently trade at Rs 712.45 on the BSE.

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