JSW Neo Energy Limited (‘JSW Neo’), a wholly owned subsidiary of JSW Energy Limited (‘The Company’) has received Letter of Intent (‘LoI’) from Power Company of Karnataka Limited (‘PCKL’) for procurement of 2,400 MWh (300 MW x 8hrs) energy storage from Pumped Hydro Storage Project (PSP).
The LoI is for providing storage capacity for a period of 40 years. The project would be located in Karnataka and designed for eight hours storage capacity per day.
Prashant Jain, Joint Managing Director and CEO of JSW Energy, said: “We are excited to bag our first hydro pump storage project and we have already secured resources for ~64 GWh of hydro PSP across various states. Storage projects are essential for our nation’s grid stability and meeting our NDC targets. This is our second utility scale storage project in addition to ‘Battery Storage’ secured under competitive bidding process. We continue to pursue our long term strategy of transitioning to an energy products and services company.”
The Company has set a target to reach 20 GW capacity by 2030 and near-term target of 10 GW by 2025, with a total locked-in capacity of 9.9 GW the company is well placed to achieve its targets well ahead of time. Currently operational capacity is 6.6 GW and under-construction projects with a capacity totalling to 2.9 GW are likely to be commissioned in phases over the next 12-18 months. JSW Energy has set an ambitious target for 50% reduction in carbon footprint by 2030 and achieving Carbon Neutrality by 2050 by transitioning towards renewable energy.
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