The Uttarakhand government and JSW Neo Energy have signed MoUs worth Rs 150 billion during the global investor summit roadshow. Under the MoU, two 1,500 MW pumped storage projects (PSPs) will be set up in Almora in the next five to six years. The plan suggests the establishment of a lower dam at site 1 which is situated 8-10 km away from the Kosi River in Joskote village, Almora. Additionally, an upper reservoir will be positioned at site 2 in Kurchaun village, Almora, approximately 16 km from the Kosi River. This initiative aims to offer a significant population with access to clean drinking water and support agricultural irrigation needs. Furthermore, it will create employment opportunities for around 1,000 individuals.
Furthermore, the state government has formulated the Uttarakhand PSP policy to encourage the growth of PSP within the state. This policy offers significant incentives to developers as a means of promoting PSP development.
In May 2023, JSW Renew Energy Three Limited inked a power purchase agreement for 25-years of electricity supply at a rate of Rs 2.94 per KWh with the Solar Energy Corporation of India for 300 MW of inter-state transmission system connected wind power project.
In March 2023, JSW Neo Energy Limited and Greenko KA 01 IREP bagged an auction held by the Power Company of Karnataka Limited to supply 1 GW of energy for 8 hours daily from pumped hydro storage projects with a continuous 5-hour discharge.