JSW Energy Limited has signed a Memorandum of Understanding (MoU) with the Maharashtra government to build a 960 MW hydro pumped storage project (PSP). JSW Energy, through its green growth vehicle JSW Neo Energy has been working quickly to secure key resources for hydro PSPs in various resource-rich states for projects with a total capacity of up to 10 GW. The signing of the MoU secures resources amounting around 6 GW hydro PSPs with the governments of various states such as Maharashtra, Chhattisgarh, Telangana, and Rajasthan.
JSW Energy’s platform capacity is now 9.1 GW which includes 1.75 GW of renewable assets acquired from Mytrah and approximately 2.5 GW of under-construction or in-pipeline wind and hydro projects that are expected to be commissioned in phases over the next 12 to 24 months. Furthermore, the company is well ahead of schedule in meeting its near-term capacity goal of 10 GW by financial year 2025.
Recently in October 2022, Competition Commission of India (CCI) approved JSW Neo Energy Limited’s acquisition of 18 subsidiaries of Mytrah Energy. Additionally, on August 26, 2022, JSW Renew Energy Five Limited, a JSW Energy special purpose vehicle (SPV), won an auction by the Solar Energy Corporation of India (SECI) for 500 MW per 1 GWh battery energy storage system (BESS).