JSW Energy has signed an agreement with the Maharashtra state government to build a 960 MW hydro pumped storage project in the state’s Raigarh district. JSW Energy stated that pumped hydro storage is a mature technology that provides sufficient peak power reserves, reliable grid operation, energy balancing and storage capacity.

With the rapid growth of the country’s renewable energy capacity, developing energy storage solutions such as the Hydro PSP has become the key to solving the intermittent supply of renewable energy. Pumped hydro storage is a mature technology that provides ample peak power reserves, reliable grid operation, and energy balancing and storage capacity. Through its green growth tool, JSW Neo Energy, JSW Energy has been rapidly securing the necessary resources for Hydro PSPs in various resource-rich states for projects with a total target capacity of up to 10 GW. With the signing of the above MoU, the company has secured approximately 6 GW of hydropower PSP resources with the state governments such as Maharashtra, Chhattisgarh, Telangana and Rajasthan.

JSW Energy has a platform capacity of approximately 9.1 GW (65% renewable energy share), including the acquisition of 1.75 GW of renewable energy assets from Mytrah, a phase likely to take place over the next 12-24 months. Furthermore, the company has far exceeded its near-term capacity target of 10GW in FY25.

JSW Energy has set ambitious targets to reduce its carbon footprint by 50% by 2030 and to become carbon neutral by 2050 by transitioning to renewable energy. The company has set a target of 20 gigawatts of installed capacity by 2030, with the share of renewables increasing to around 85%. About 2.5 GW of renewable energy projects are currently under construction/under construction, and 1.26 GW of SECI-related wind projects are expected to be fully commissioned in the next 12-18 months. The company secured an LoA for a 300 MW project from SECI in its Phase XII auction. Acquiring Mytrah Energy’s 1.75 GW of renewable energy assets will increase the total platform capacity to 9.1 GW.

JSW Energy did not disclose any financial details of the proposed project. Through its “green growth tool”, JSW Neo Energy, the company has rapidly secured critical resources for Hydro PSPs in various resource-rich states for projects with target capacity totalling up to 10 GW.

JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, was established as part of a business restructuring to own all renewable/green and new energy businesses. The company is evaluating opportunities to enter emerging energy businesses such as pumped hydro, battery storage and green hydrogen and become an energy products and services company.