JSW Neo Energy Limited and Greenko KA 01 IREP (Greenko) have bagged an auction held by the Power Company of Karnataka Limited (PCKL) to supply 1 GW of energy for 8 hours daily from pumped hydro storage projects with a continuous 5-hour discharge. Under the bucket-filling method, JSW Neo Energy won 300 MW by quoting Rs 14.75 million, and Greenko won capacity of 700 MW by quoting Rs 14.76 million.The starting bid in the e-reverse auction was Rs 14.88 million. PCKL will enter into power purchase agreements (PPAs) with the winning bidders that will be valid for 40 years.
The projects must be completed within 36 months of the PPA being signed. The projects can be located throughout Karnataka. For the first phase of commissioning at one project site, the minimum capacity will be 50 per cent of the allocated project capacity or 100 MW, whichever is less. PCKL may procure power at 75 per cent of the annual fixed cost on a pro-rata basis in the case of early part-commissioning.
In January 2023, JSW Renew Energy Five Limited received Letter of Award (LoA) for total 500MW/1,000MWh standalone battery energy storage systems with two projects each of capacities of 250 MW/500 MWh. The LoA has been received from Solar Energy Corporation of India Limited. The company will be entitled to receive a fixed capacity charge of Rs 1.08 million per MW per month for twelve years. The SECI’s obligation shall be limited to 60 per cent of the project capacity. Remaining 40 per cent of the project capacity is to be managed by JSW Energy Limited.
In October 2022, JSW Energy Limited signed a Memorandum of Understanding with the Maharashtra government to build a 960 MW hydro pumped storage project. 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.