JSW Energy added 2.56% to Rs 348.65 after the company announced the signing of a MoU with the Government of Telangana for 1,500 MW hydro pumped storage.
The company, through its wholly-owned subsidiary JSW Neo Energy, has entered into a memorandum of understanding (MoU) with the Government of Telangana for setting up a 1,500 megawatt (MW) capacity hydro pumped storage project viz. Komoram Bheem pump storage project in the State of Telangana.
With the rapid addition of renewable energy in the country, the development of energy storage solutions such as hydro pumped storage projects (PSP) becomes essential to solve for intermittent power supply from renewables. Hydro pumped storage is a well-established technology that provides adequate peaking power reserves, reliable grid operation, and energy balancing and storage capacity.
JSW Energy through its green growth vehicle JSW Neo Energy has been expeditiously securing key resources for hydro PSPs in various resource-rich states for projects with a targeted capacity of 10 GW.
With the signing of the aforesaid MoU, the company has tied-up resources for 5 GW hydro PSPs with the governments of various states (Maharashtra, Chhattisgarh, Telangana, and Rajasthan).
Prashant Jain, joint managing director and CEO of JSW Energy, said: We are excited by the prospects of hydro PSPs in sustainably solving the problem of intermittency of renewable power. Further, our proven excellence in safely building hydro plants and operating the largest hydro portfolio in the private sector has uniquely enabled us to develop hydro PSPs in the country. We are closely working with the various State Governments to kick start development of these projects in the coming months.
JSW Energy is one of the leading private sector power producers in India and part of the $13 billion JSW Group. JSW Energy has established its presence across the value chains of power sector with diversified assets power generation, and transmission.
The company's consolidated net profit surged 162.23% to Rs 323.93 crore on 17.69% increase in net sales to Rs 1,893.54 crore in Q3 December 2021 over Q3 December 2020.
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