JSW Energy arm inks pact with Chhattisgarh govt for 1,000 MW project

Shares of JSW Energy rose 3.7% in early trading after a subsidiary struck a deal with the government of Chhattisgarh to build a 1,000 MW hydro-pumped storage facility.

Share of JSW Energy peaked at Rs 319.90 on the Bombay Stock Exchange (BSE), up from Rs 308.30 at the previous close.

The company told the media that JSW Energy has entered into a Memorandum of Understanding (MoU) with the Government of Chhattisgarh through its wholly owned subsidiary, JSW Neo Energy, to set up a Hydro Pumped Storage Project with a capacity of 1,000 MW, namely Hasdev. Bango pumped storage project.

According to JSW, the development of energy storage solutions such as hydropump storage (PSPs) projects is becoming increasingly important due to the intermittent power supply from renewable sources.

The company signed a 1,500 MW contract with the Government of Maharashtra and a Letter of Intent (LOI) of 1,000 MW with the Government of Rajasthan in the previous fiscal year (FY).

JSW Energy said it has set an ambitious goal to reduce its carbon footprint by 50% by 2030 and achieve carbon neutrality by 2050 by moving to renewable energy.